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FINANCIAL NEWS
Drake & Scull International announced 63 increase in net profit
06 Aug 2013
(MENAFN) Drake & Scull International, specialized in mechanical, electrical and plumbing work, registered an increase in net profit by 63 percent to USD14.2 million during the second quarter versus the same period last year as construction markets in Saudi Arabia and UAE are gaining strength, The National reported.
Drake & Scull announced that contract revenue doubled to USD 364 million in the second quarter up from USD195.2 million in the same period last year, according to a statement posted yesterday to the Dubai bourse.
In April and May, the Dubai-based contractor secured four contracts, three of which are worth a total USD180.4 million to build three government complexes in the UAE and Saudi Arabia and the last contract is worth USD459 million to build one the tallest towers in the Kingdom.
Last month, the company announced that Arabtec, a company which was a part of a consortium with Drake & Scull, had awarded it a USD63.4 million sub contract to perform plumping and electrical works at the new Fairmont hotel in Abu Dhabi.
“Arabtec believes in empowering local talent and we are consistently seeking UAE nationals with leadership potential to nurture them and develop their capabilities as future industry leaders,”said Hasan Abdullah Ismaik, The Arabtec managing director and chief executive.
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