FINANCIAL NEWS

Drake & Scull net profit up 21%

12 May 2011

(MENAFN) Drake & Scull International’s chief executive, Khaldoun Tabari, said that since the company spread its work away from its home market, the Dubai engineering and contracting group’s first quarter net profits rose twenty one percent to USD11.4 million, reported The National.

Tabari added that the company’s net income went up to USD13.8 million, adding that it branched out across the Middle East and North Africa since its 2008 initial public offering, in which the company sold fifty five percent of its shares and raised USD326 million.

He also said that this year alone, the company won projects in Oman, Egypt, Saudi Arabia and the UAE totaling USD721 million, in addition, Drake & Skull made various acquisitions, for it bought International Centre for Contracting (IC) which is a Saudi contractor for USD34.1 million in April.

It is worth noting that Drake & Skull’s total value of orders stands at USD2.04 billion, with half of this in Saudi Arabia, seventeen percent in Abu Dhabi, ten percent in Dubai and the rest in its other markets including Kuwait, Qatar and in Europe.

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