Design, engineering and MEP contractor Drake and Scull International PJSC, reported financial results for its first quarter fiscal year 2011 ended March 31 2011, showing a 67% year on year revenue growth.
In the first quarter of fiscal 2011, DSI achieved revenue of AED 645 million, compared to AED 386 million reported for the first quarter of fiscal 2010.
Net income and earnings per share for the quarter were AED 51 million and AED 0.021 per share, which represent an increase of 21% in net income when compared with same period of fiscal 2010.
“Our Earnings per Share (EPS) indicate a significant growth in earnings and the profitability and further substantiates our commitment to maximize our shareholders value,” said , CFO.
“DSI’s Price Earning is a clear indication of our expected bottom line and top line growth and will foster a strong investor appetite in the company’s share price,” he added.
Since Q1 2011, DSI has secured a number of civil and MEP projects in Oman, Egypt, Saudi Arabia and the UAE, with a combined value of AED 2.8 billion. As of March 31st this year, the backlog stands at AED 7.5 billion.
A statement said: “The company remains bullish on its expectations for the second half of the year and is currently extensively bidding for projects in the MENA region through its MEP, Civil and Water and Power divisions.
“The increase in gross margins reflects higher revenues and net profit and is attributed to our ability and commitment to control costs across our entire business streams,” Hamdan concluded.
A 2% rise in profits has also been posted.
A full interview with CEO Khaldoun Tabari is available in our current issue