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FINANCIAL NEWS
UAE- Drake & Scull expects record return
28 Aug 2011
(MENAFN) Drake & Scull International (DSI) chief executive, Khaldoun Tabari, the Dubai contractor, said that it expects to post a record profit this year that would exceed USD54.4 million, a 23 per cent jump from last year, reported The National.
The chief executive also said that the total revenue should surpass USD952 million during the current year, an 89 percent increase from last year.
Tabari added that the expansion in Saudi Arabia and Abu Dhabi should help to grow the company’s backlog of projects to USD2.7 billion by the end of the year, up from USD2 billion at the end of June.
It is worth noting that Drake & Scull International raised USD33.7 billion in an initial public offering in 2008, the thing that fuelled a round of acquisitions in the region, providing the company a presence in all the major markets.
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