Drake & Scull of Dubai engineers solid yearly profits

Markets Update: Drake & Scull increases its profits on the back of regional expansion.

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Drake & Scull International, the Dubai-based engineering and construction company, has increased its full-year profit by more than a third.

Net income for 2011 grew by 36 per cent to Dh220 million, while revenues increased by more than two thirds to Dhs3.1 billion.

Khaldoun Tabari, DSI's chief executive officer, pointed to the company's four acquisitions as a factor contributing to earnings and revenue growth.

"Our aim in 2012 is to sustain our growth in the MENA region and to pursue our expansion plan in Asia," said Mr Tabari.

The company had in recent years sought to broaden its footprint in the region.

The company announced projects awards worth Dh4.4bn last year, a Dhs1bn increase on the previous year.

The order backlog reached a company record of Dh7.1bn, a year over year increase of 43 per cent.

Earnings per share rose to Dhs0.095 in 2011, compared to Dhs0.072 a year earlier.

Drake and Scull's activities ranges from civil contracting, mechanical, electrical and plumbing, and water and power projects, including district cooling.