Dubai Financial Market (DFM)-listed construction firm Drake & Scull International’s (DSI) current backlog of orders has crossed Dh10 billion, Khaldoun Tabari, the company’s chief executive said yesterday.
Speaking to reporters on the sidelines of a construction conference in the capital, Tabari said DSI has bid for mechanical works at Abu Dhabi’s midfield airport terminal project, a contract worth about Dh900 million, the outcome of which would be known in about seven days time.
He said DSI is currently bidding for projects worth about Dh15 billion, and has interests in projects located across the UAE, Saudi Arabia, Qatar, Kuwait, Egypt.
“Abu Dhabi, I think, is expected to release a lot of work this year, including the building of the new Dh2 billion Khalifa hospital,” said Tabari.
Tabari denied DSI was a takeover target. DSI has seen its shares jump 35 per cent year-to-date on growing speculation that it was a takeover target, with Arabtec viewed by analysts as a possible buyer.
“These are all rumours. However, we work with Arabtec and will continue to do more work with them. The increase in DSI’s share price is due to the company’s performance. “Our turnover has increased by 25 to 30 per cent. The revenues and net profit both went up in the first quarter this year,” Tabari said.
He also said he has no plans to sell his own stake in DSI. Tabari owns about 44 per cent of Drake directly and through other companies.
