Drake & Scull International PJSC (DSI), a regional market leader in the integrated design, engineering and construction disciplines of civil contracting, mechanical, electrical and plumbing (MEP), water and power, rail and oil and gas, reported net profit of AED185 million and revenues at AED4.9 billion, an increase of 61 percent and 47 percent respectively for the fiscal year ended Dec. 31, 2013 over fiscal 2012. Earnings per share (EPS) stood at AED0.074 in comparison to AED0.042 recorded in 2012. The top line growth was driven by operations in KSA and the UAE markets each contributing 58 percent and 29 percent respectively. The general contracting and engineering businesses generated 28 percent and 43 percent of the cumulative Net profit achieved in 2013. The oil & gas division achieved substantial results in Southern Iraq and increased its yearly contribution to the bottom line to 29 percent. DSI continues to increase its market share in the MENA region as total project awards announced in 2013 reached AED 7.5 billion compared to AED 5.2 billion awarded in 2012. The GCC continues to be the key growth market for DSI with KSA, UAE and Qatar accounting for 42 percent, 18 percent and 11 percent respectively of the new project awards in 2013. Expansion into North Africa is well on track and the Algerian market also witnessed a stronger momentum in project awards contributing 11 percent of DSI's new project awards in 2013. Expansion into the LEVANT region is also progressing cautiously with Jordan contributing 12 percent to the new project awards in 2013 with the prestigious Saraya Aqaba development and the St Regis hotel awards. The order backlog reached a record high of AED12.0 billion representing a year on year increase of 36 percent. KSA and the UAE remain the largest contributors to the backlog accounting for 42 percent and 18 percent respectively. Khaldoun Tabari, CEO of DSI, said “2013 saw a lot of advancement in DSI's fundamentals. Our skilled and highly motivated employees are a driving force in the success of our organization and we all remain focused on our shared vision for further expansion and operational excellence. We are confident that the achievements we have seen in 2013 will be just as strong in the year ahead and DSI will continue to play a pivotal and leading role within the industry. 2013 was a year a continued growth for DSI in the GCC with major milestones achieved in North Africa, Levant and India. The investments we made over the last two years are now materializing.” – SG
