Drake & Scull International PJSC (DSI) — a regional leader in integrated engineering capabilities — has reported AED 411 million in revenue for the second quarter of 2010 ending 30th June – a Q-on-Q increase of 7% - and net profit of AED 44.5 million for the same period, showing an increase of around 7% over the last quarter.
Commenting on these latest figures, DSI CEO Khaldoun Tabari said: "The industry has faced challenging times over the last year and we have witnessed changing market dynamics. Despite this, we are pleased that we have managed to increase our backlog and successfully maintained revenue growth and profitability in the second quarter over the first quarter of 2010.
"We anticipate that this trend will continue through to the second half of the year, particularly with the planned acquisitions of two Saudi companies during this time, which we believe will contribute to generating greater revenue in the near future."
DSI CFO Osama Hamdan said of the latest financial results: "DSI has maintained its margins, improved its revenues and bettered its collections in Q2, and our momentum of winning projects has also improved since the beginning of the year."
The company's business streams have collectively been awarded a number of projects across the region since the beginning of 2010, bringing the combined value of projects won to AED 2.6 billion as compared to AED 1.5 billion for the same period last year. DSI's backlog stands at AED 4.8 billion.
