DSI profit increases 32%, stays optimistic for 2010

Dubai-based contracting company Drake & Scull International (DSI) has reported 32 per cent increase in net profit at Dh280 million for the year ended December 31, 2009 against Dh212m for the same period last year.

Annual revenue totalled Dh1.89 billion, up from Dh1.72bn in 2008, marking a year-over-year increase of 10 per cent.

DSI, which specialises in mechanical, engineering and plumbing businesses and listed on the Dubai Financial Market, made a fourth-quarter net profit of Dh74m, according to Reuters calculations. “DSI had a positive year, with 10 per cent year- over-year revenue growth,” said DSI’s Chief Operating Officer Khaldoun Tabari.

“Given that 2009 was a challenging year this was an extraordinary end to the year. As we enter 2010, we remain optimistic as we continue to invest in our growth strategy and engineering capabilities for the benefit of our employees, clients and shareholders,” he said.

“Year 2009 was a year of transformation for DSI. The company entered new sectors such as wastewater treatment and telecom infrastructure, acquired two new companies and established three subsidiaries in Libya, Jordan and Thailand respectively,” he said. In 2009, DSI won seven contracts valued at Dh2bn in the GCC, Sudan and Thailand.

 

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