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FINANCIAL NEWS
Dubai’s DSI reports USD35m profit in 2012
14 Feb 2013
(MENAFN) Dubai-based contractor Drake & Scull International (DSI) reported a 41.8 percent decline in annual profits on higher administrative expenses, The National reported.
The company said it made USD34.8 million net profit during last year, down from USD59.88 million in 2011.
An increase in costs related to the launch of its oil and gas and rail divisions, as well as the establishment of new offices in Iraq and Qatar, have eaten into DSI’s net margins by 38 percent, the company said.
The company also reported a 6.5 percent increase in annual revenue to USD898.22 million in 2012, attributable to improved business in Saudi Arabia and Qatar.
DSI’s fourth quarter profits jumped to USD12.5 million compared to USD2.18 million in the previous quarter, while revenues grew to USD326.6 million from USD163.3 million.
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