Drake & Scull International (DSI) rose to the highest level in more than a week yesterday after the Dubai contractor announced that it had won a Dh465 million contract in Algeria.
The contract was awarded to its civil contracting subsidiary, DSI said in a statement posted on the main Dubai bourse website. No further details were mentioned.
DSI traded as high as 3 per cent to Dh1.03, the highest since March 5, on the Dubai Financial Market General Index.
The shares are up 30.7 per cent so far this year.
"The contract is the company's first big project this year," said Hettish Karmani, an analyst at Global Investment House in Kuwait.
"It's the first big win for Algeria as well, as previously DSI was only winning small scale projects."
Mr Karmani estimates the company will add Dh4 billion worth of new projects to its backlog, bringing a total of Dhbn for the year.
DSI, whose activities include civil contracting, mechanical, electrical and plumbing work, and water and power projects, has turned its attention to other markets in the region after a slowdown in Dubai's property sector.
The company was awarded a $96m commercial development project in Riyadh in December. The builder also won a $39m construction contract for an ammonium nitrate plant in Ain Sukhna, Egypt.
DSI reported a 36 per cent increase in full-year profit last month to Dh220m. Analysts estimated the company would report a profit of Dh207m. It offered a 5 per cent cash dividend.
DSI launched an initial public offering in 2008, when it raised about $322m, and went public in March 2009.
It has been growing through acquisitions, including the purchase of a subsidiary in Qatar and Saudi Arabia in the last two years.
[ halsayegh@thenational.ae ]
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*This story has been modified from the original which stated the contract win totalled Dh465 and the company would add $US$$ billion in new projects not Dh4billion. The National regrets the errors.
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
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Director: Wes Anderson
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Three stars
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Engine: 1.5-litre turbo
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Torque: 230Nm
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