JEDDAH – Drake & Scull International PJSC (DSI), a regional market leader in the integrated design, engineering and construction disciplines of general contracting, mechanical, electrical and plumbing (MEP), water and power, rail and oil and gas, reported total revenues of AED2.567 billion and total net profit of AED114.9 million for the first half of 2013 ended June 30, representing a top line and bottom line growth of 71.8 percent and 53.9 percent respectively, compared to the first half of 2012. The company said in a statement on Tuesday that its earnings per share for the first half of the year stood at AED0.044, indicating a 56.1 percent growth compared to the same period last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) reached AED189.9 million compared to AED107 million indicating improved operational efficiency. Total project awards year to date reached AED5.2 billion in KSA, UAE, Qatar, Jordan and India. The total order backlog reached a record high closing at AED11.7 billion as of June 30, representing a 58.1 percent growth compared to AED7.4 billion recorded during the same period last year. Selling, general and administrative expenses as percentage to revenues fell by 4.2 percent from 9.4 percent to 5.2 percent, compared to H1 2012 and net operating cash flow generated during the first half of 2013 was AED83 million. Quarterly net profit increased by 63.2 percent closing at AED52.2 million compared to AED32 million recorded in Q2 2012. Q2 2013 Revenues nearly doubled surging to AED1.340 billion compared to ED717.3 million achieved in Q2 2012 .EPS for the same period closed at AED0.0192 representing a year on year increase of 60 percent. Khaldoun Tabari, CEO of DSI, said “we have successfully managed to deliver on our growing backlog in the first half of the year. The consolidated net income and revenues recorded during H1 2013 constitute 100 percent and 77.3 percent of the respective results achieved in fiscal 2012 ended Dec. 31.” “We are well on track in achieving our growth objectives for the year. KSA and the UAE continue to be the key drivers to our top line growth. Our recent contract awards in the Jordanian market and the ongoing projects in Southern Iraq will contribute to the bottom line growth in the second half of the year as productivity on project sites improves. Operations in Qatar, Kuwait, Algeria and India are steady with sustained margins across all our business streams,” he added. “The results of the first half of the year are a testimony of our commitment to deliver growth and solid quality of earnings by increasing revenue growth while improving our operational margins and reducing our Selling, general and administrative expenses,” Tabari further said. “We remain optimistic on the prospects of the second half of the year across all our markets and we expect to continue with the same momentum with additional emphasis on improving liquidity and sustaining profitability,” he noted. — SG
