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Drake & Scull International PJSC (DSI) reported higher profits and revenues for the second quarter 2011. Net income increased by 22 per cent to hit US$14.9mn compaired with US$12.25mn last year.
DSI saw revenues jump by 79 per cent for the Q2 2011 with revenues of US$201mn, compared with US$112mn recorded during the second quarter of 2010. DSI’s backlog reached a record high of US$2.04 billion representing a 56 per cent increase in comparison to the same period in 2010.
Khaldoun Tabari, CEO of DSI, stated: "we are satisfied with our revenue growth in the MEP and the civil business which recorded a year over year growth of 43 per cent and 376 per cent respectively."
Osama Hamdan, CFO of DSI added, “the quarter was marked by a phenomenal increase in revenue growth and a remarkable increase in net income growth. The acquisitions contributed to the growth in revenues, however the transactions incurred to finance and complete the acquisitions affected the net margins respectively."
He concluded: "we believe that the investment made in 2010 and the first half of this year, other things being equal, will yield robust financial results in the second half of the year and beyond."
Since the start of the year DSI has managed to secure a series of Civil, MEP and Water & Power projects in Oman, Egypt, Kuwait, Saudi Arabia, UAE, Asia and Europe for a combined value of US$930mn.