and brand values, we will invest to grow
organically and inorganically in order to
become global market leaders, providing
engineering excellence to clients
while achieving optimum shareholder
value, through commitment in delivering
best practices in corporate
governance and transparency.
has continued its mission as a regional
market leader delivering world class
integrated construction services to
substantial complex projects for
private and public clients in the Middle
East and North Africa Region. With this
unique business model, we are the
only end to end service provider
specializing in Mechanical, Electrical &
Plumbing (MEP) services along with
Infrastructure, Water, Power and Civil
Construction Services.
downturn effectively halved the growth
rate of developing oil exporters from
2.9% in 2008 to 1.6% in 2009, a
decrease that produced widespread
erosion of profits across majority of
industries in the region, In particular,
the construction and real estate
sectors have been heavily impacted by
record decreases in asset values and
availability of financing.
economic environment, emerging as
one of the region's remarkable success
stories. We are not immune to the
environment around us, but our
business experience, forward thinking
and corporate strategy helped us
navigate successfully through difficult
financial headwinds prompted us to
shift focus from commercial to industrial
projects and steered us towards
opportunities in new markets where we
successfully applied our regional
expertise to secure projects in Bahrain,
Sudan, Jordan, Thailand and Libya.
successful Initial Public Offering (IPO)
received a phenomenal response
defying our own forecasts to become
101 times oversubscribed. The event
revealed the immense trust and
confidence that our investors share with
us regarding the bright future of DSI,
and continues to provide a solid
foundation from which DSI can take its
next step towards growth.
specialist contractor to list on the Dubai
Financial Market (DFM), closed the
year with a healthy balance sheet and
more than AED 1 Billion in cash
reserves. Our Annual profit totaled
AED 283 Million for the calendar year
starting January 1, 2009 and ending
December 31, 2009, recording a year
on year profit increase of 32%, up from
AED 212 Million in 2008. The annual
revenue totaled AED 1.91 Billion, up
from AED 1.72 Billion in 2008, marking
a year over year increase by 10%.
performance,
of AED 0.07 per share. This is to be
distributed after it is approved by
shareholders at the AGM and is not
indicative of future dividend distributions.
the fact that DSI has executed and
namely to increase revenue and to
focus on new markets, horizontal
growth and deployment of cash in
beneficial acquisitions. Our success
was streamlined by the strength of
the management team, the resilience
of the business model and our
engineering capabilities.
practices and accountability across all
our DSI offices and projects. During the
last year, we established three executive
committees and an internal audit
department to continue to promote
our ongoing perseverance towards
transparency and equity.
to invest in our growth strategy and
engineering capabilities for the benefit of
our employees, clients and shareholders
with planned acquisitions in Qatar and
Saudi Arabia, along with organic growth
in Oman and Egypt. We also plan on
investing in research, development and
innovative solutions to be able to offer
competitive engineering services.
look forward with great enthusiasm,
tenaciousness and confidence that our
diversified portfolios will generate
exceptional returns to our shareholders.
their determination, dedication and
passion that enables us to take on
challenges and opportunities in the future.