Dubai’s DSI records 36% surge in net profit
Dubai-based construction firm Drake & Scull International (DSI) today reported net profits of Dh220 million and revenues of Dh3.1 billion for the year ended December 31, 2011.
In a statement, DSI said the figures indicates a revenue growth of 68 per cent and a net profit growth of 36 per cent in comparison to fiscal 2010. Earnings per share (EPS) in 2010 were Dh0.072 compared with Dh0.095 recorded during the same period in 2011, it said.
Total project awards announced in 2011 reached Dh4.4bn in comparison to Dh3.4bn awarded in 2010. DSI said its order backlog reached a record high of Dh7.1bn, representing a year-on-year increase of 43 per cent.
“We are satisfied with the results and closed 2011 on track in achieving our growth objective for the year,” said Khaldoun Tabari, CEO of DSI, “2011 has been a year of growth and consolidation for the company as we have acquired during the last 2 years four companies that have significantly contributed to top line and bottom line growth,” he said.
“Our aim in 2012 is to sustain our growth in the MENA region and to pursue our expansion plan in Asia,” Tabari added.
“The Top line growth is attributed to the company’s increased momentum in projects execution and ability to secure more contracts in the region,” said Osama Hamdan, CFO of DSI. “The remarkable increase in profits is a testament of our commitment to cost-reduction, our efficiency and diligence in project execution. Our focus remains on cost control and collections to ensure a healthy cash flow to maintain our strong balance sheet,” he said.
“The civil business was a major contributor to the revenues and we expect this trend to continue in 2012. We are confident that the secured backlog will guarantee steady revenue streams for the company to pursue its expansion plans in emerging and developing markets such as Africa and Asia,” concluded Hamdan.
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