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DSI eyes 20% more profit

By Staff Writer

Drake & Scull International (DSI), a Dubai-based construction-engineering contractor, says it expects profit to grow 20 per cent this year as it hires more than 100 employees and seeks acquisitions in Saudi Arabia.

"We expect a 20-per cent growth without acquiring any businesses or taking any new jobs," Zaina Tabari, chief corporate affairs officer, said yesterday.

"DSI has put aside between Dh400million and Dh450m to acquire companies. Many firms are in need of cash and we are very cash rich," Tabari said.

Drake & Scull International, which raised about Dh1.2bn from its initial public offering last year, has orders worth Dh3.5bn from 'secured projects' in its books. Last year, the company completed 35 projects worth more than Dh5.9bn. DSI will list its shares on the Dubai Financial Market before end of March.

Meanwhile, it has appointed George Grant to the position of Operations Director of Infrastructure, Water & Power (IWP).

In his new role with DSI, Grant will oversee the management and performance of a highly specialised team of engineers and architects who design and build DSI IWP Engineering Procurement and Construction (EPC) projects, such as district cooling, water treatment and power projects.