Drake & Scull International PJSC posts AED 42 million net profit for Q1 2010
[Dubai, 12 May 2010] – Drake & Scull International PJSC (DSI), a regional leader delivering integrated engineering capabilities, today reported AED 42 million in net profits for the first quarter of 2010 ending March 31st and revenues of AED 386 million for the same period.
“Q1 2009 net operating profit of AED 48 million before amortization and interest income compares to AED 37 million net operating profit in Q1 2010 before amortization. These results reflect a year on year 23% drop in operating profit” stated Osama Hamdan, DSI CFO.
“It is worth mentioning that in spite of the current challenges we have maintained our operating margins,” added Hamdan.
“Our revenue was affected by the extension of project completion dates and the pre-construction activities of our new projects in addition to the development of new territories, like Egypt, Oman and Saudi Arabia.” Said DSI CEO, Khaldoun Tabari.
“We have seen a positive start to the year with over AED 1 billion worth of projects being added to our backlog, currently standing at AED 4 billion as of April 1st 2010. This will have a positive effect on our future revenue which is expected to materialize in the second half of the year.” Added Tabari
The Drake & Scull International board of directors also approved in a meeting held yesterday the start of the company’s operations in Syria, which is expected to come into effect by the end of the year.
“The companies we acquired in 2009 and early 2010, Passavant – Roediger, Drake & Scull Qatar and Drake & Scull Kuwait are being integrated with our corporate operations and will start generating revenue by the second half of the year.
Our planned growth strategy will deliver the results expected in accordance with our overall 2010 financial targets”, said Tabari.
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AboutDrake & Scull International PJSC
Drake & Scull International PJSC (DSI) is a regional market leader delivering world class quality projects in the Middle East and North Africa through integrated design, engineering and construction disciplines of Mechanical, Electrical and Plumbing (MEP), Civil Contracting, and Water, Power and Infrastructure, through Innovation, People and Passion. DSI established its first office in the region in Abu Dhabi in 1966, and it has since expanded its operations to include offices in Dubai, Jordan, Libya, Thailand and Oman with projects in Bahrain, UAE, Saudi Arabia, Sudan, Thailand and Oman.
In 2009, DSI PJSC expanded its operations by acquiring two companies, in line with the company’s growth strategy: ‘Passavant-Roediger’, a German global developer of wastewater, water and sludge treatment technologies with a presence in 13 countries across Europe, MENA and Asia with over 5,000 installations, and Kuwait-based ‘Drake & Scull International for Electrical Contracting’ (DSK), a prominent player in Mechanical, Electrical & Plumbing contracting in Kuwait.
In 2010, the DSI PJSC expansion efforts continued with the establishment of two new business subsidiaries: ‘Drake & Scull Water and Power L.L.C’ (DSWP), which was established to manage and control all existing and new Water Power and Infrastructure projects across the MENA region, and ‘Drake & Scull Construction L.L.C’ (DSC), which was established to manage and control the regional civil contracting expansion in addition to the existing operations in Dubai and Abu Dhabi. In April 2010, DSI PJSC announced the acquisition of “Drake & Scull International Qatar L.L.C” (DSQ) a reputable MEP company based in Qatar, which further fuelled the company’s horizontal expansion plans allowing it to diversify into new markets and increase its market share in the region.
For further information, please contact:
Drake & Scull International PJSC
Mariana Missakian
Corporate Communications Manager
T: +971 4 8112300
E: m.missakian@drake-scull.ae
OR
Cicero & Bernay Public Relations
Tariq Al-Sharabi
Account Director
M: +971 50 626 5535
T: + 971 4 334 2966
F: + 971 4 334 2977
E: tariq@cbpr.ae