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27 February 2024

Drake & Scull reports Dh13m profit for Q4 2014

By Wam

Drake & Scull, a regional leader in the integrated design, engineering and construction fields, on Sunday reported a net profit of Dh13 million in the three months to 31 December, 2014.

In a statement, the contractor said that its net profit for the fiscal year was Dh110 million and revenues Dh4.83 billion.

Earnings per share (EPS) reached Dh0.047, the company said.

The company's order backlog reached a record high of Dh14.4 billion representing a year-on-year increase of 20 per cent. Saudi Arabia and the UAE markets remain the largest contributors to the backlog accounting for 34 per cent and 18 per cent respectively as of  December 31, 2014.

The company said that its general contracting and engineering businesses generated 40 per cent and 51 per cent of the cumulative revenues achieved in fiscal 2014. The oil and gas division and waste water division maintained their yearly contribution to the top line by five per cent and three per cent, respectively.

Drake and Scull added that profitability for the fiscal year was impacted by the delays in the Saudi market in the general contracting sector and the UAE receivables provisions which affected the overall operating and net margins of the group.