Drake & Scull International PJSC (DSI), a regional market leader in integrated design, engineering and construction disciplines of civil contracting, mechanical, electrical and plumbing (MEP), and water and power, reported a net profit of AED220 million and AED3.1 billion in revenues for fiscal year 2011 ended Dec. 31. Revenue grew 68 percent and a net profit jumped 36 percent in comparison to fiscal 2010. Earnings per share in 2010 were AED0.072 compared with AED0.095 recorded during the same period this year. Total project awards announced in 2011 reached AED4.4 billion in comparison to AED3.4 billion awarded in 2010. The order backlog reached a record high of AED7.1 billion representing a year over year increase of 43 percent. Khaldoun Tabari, CEO of DSI, said "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. Our aim in 2012 is to sustain our growth in the MENA region and to pursue our expansion plan in Asia." Osama Hamdan, CFO of DSI, 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. 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." "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," he noted.
