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FINANCIAL NEWS
UAE’s Drake & Scull Q2 net profit up to USD14.9m
14 Aug 2011
(MENAFN) Drake & Scull International’s (DSI) CEO, Khaldoun Tabari, said that in the second quarter, the firm’s net profit grew to USD14.9 million from USD12 million in 2010’s same quarter, reported Gulf News.
Tabari added that revenue for the mechanical, electrical and plumbing (MEP) and civil contractor in the period surged 79 percent to USD201 million from USD112 million in 2010 as a result of the company’s operations in different geographical areas, the firm’s expertise and its exposure to various market segments.
He also said that revenue growth in the MEP was 43 percent from 2010, whereas revenue growth in the civil business went up 376 percent from the same quarter a year ago.
It is worth noting that as of June, the contract order backlog surged 56 percent from last year’s same quarter to USD2 billion. Nevertheless, DSI contracts’ value in the second quarter reached USD163 million, compared with USD381 million in 2010’s same period.
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