Drake & Scull international achieves strong financial results for fiscal 2011

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 AED 220 million and AED 3.1 billion in revenues for fiscal year 2011 ended December 31st .

The figures indicate a revenue growth of 68 % and a net profit growth of 36 % in comparison to fiscal 2010. Earnings per share ("EPS") in 2010 were AED 0.072 compared with AED 0.095 recorded during the same period this year.

Total project awards announced in 2011 reached AED 4.4 billion in comparison to AED 3.4 billion awarded in 2010. The Order backlog reached a record high of AED 7.1 billion representing a year over year increase of 43 %.

Commenting on the announcement, Khaldoun Tabari, CEO of DSI said, "We are satisfied with the results and closed 2011 on track in achieving our growth objective for the year through the Civil, MEP and Water and Power subsidiaries across the region. 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," concluded Hamdan.