SaudiArabiaPR.com, Online Press Release from Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina
 
Oil & Gas(Energy and Industry)
Filter PR by
  
DSI Reports AED 1.11 Billion in Revenues and AED 41.7 Million in Operating Profit in Q1 2015

UAE, May 14, 2015- 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 today the financial results for Q1 2015 ended March 31st.
 
Revenues recorded for the quarter stood at AED 1.11 billion driven by operations in the KSA and UAE markets each contributing 41% and 25% of the cumulative topline achieved in Q1 2015 respectively.

Earnings per Share (EPS) stood at AED 0.011 and Net profit reached AED 27.8 million.
 
DSI started the year with a positive momentum at its home market the UAE and managed to secure AED 378 million worth of new Engineering and General Contracting contracts in Q1 2015 across the Hospitality and Commercial sectors.

The Order Backlog reached AED 13.8 billion representing a year on year increase of 13%. KSA and the UAE remain the largest contributors to the backlog accounting for 33% and 21% respectively as of the 31st of March 2015.
 
Commenting on the results Khaldoun Tabari, CEO and Vice-Chairman of DSI PJSC, said: “Drake & Scull International is dedicated to achieving sustainable growth and to empowering the fundamentals of our high margin businesses in 2015. In the first quarter of FY 2015, our Engineering business secured the prestigious AED 198 Million Jewel of the Creek development in Dubai, while our General Contracting business was awarded the AED 180 Million Reef Residences project win. The project wins have helped in raising our projects’ backlog value to AED 13.8 billion.

Despite the volatile market conditions and the liquidity crunch in our industry, we managed to remain profitable. We are still dealing with some major operational setbacks in KSA which will continue to have a far reaching effect on our performance in 2015.

Our results in Q1 2015 largely reflect the sense of cautious progress in our regional industry. The recent spate of project announcements from the major markets of the region i.e. KSA, UAE and Qatar in the residential, hospitality and rail sectors has infused the industry with a lot of confidence to push ahead with the vital infrastructure development needed to cater to the growing regional population.

We are confident in our ability to leverage our tremendous regional experience, our extensive global footprint and the most talented, skilled workforce in the region to achieve our goal of sustainable growth this year. We will continue to focus on making our operations more efficient, improve our Return on Capital and realize growth from our key businesses like Engineering, Rail and Oil and Gas.

Posted by : Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina PR Network Editorial Team
Viewed 41159 times
PR Category : Energy and Industry
Posted on : Thursday, May 14, 2015  12:51:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of SaudiArabiaPR.com.
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories

 
 
Most Viewed Press Release posted in the last 7 days
Cerruti 1881 Infinite Love [35063-Views]
Oh, Sweetie Lipcolour! [30131-Views]
Express Your Signature Style [26720-Views]
The Memovox Adventure [23477-Views]
Sacoor Brothers launches FIRST ever Fragrance “GENTLEMAN” [22538-Views]
Bath-time Essentials from Corine de Farme [20926-Views]
Jaeger-Lecoultre Main Sponsor of the 75th International Film Festival of La Biennale Di Venezia [20726-Views]
Rasasi Introduces Exquisite Musk Collection [20693-Views]
Sharjah continues to become more affordable, with rents and sales prices falling – Bayut H1 report [20496-Views]
Celebrate the Moment with Mouawad Jewelry [14953-Views]
Introducing Salvatore Ferragamo's Men's Sun and Optical Capsule [13407-Views]
Marchon Eyewear and G-III Apparel Group Sign Exclusive Global Licensing Agreement For DKNY and Donna... [11632-Views]
Huawei's New Range of Artificial Intelligent Smartphones Set to Change Your Selfie Game [11168-Views]
The #1 trick to capturing the best photo at night? The trick is the AI camera in HUAWEI P20 Pro [11066-Views]
Your search for the best gifts just got easier with SOUQ's Interesting Finds [10414-Views]
Skyline Suhoor Night 2018 [9336-Views]
Cerruti 1881 MOLVENO timepiece and cufflinks [8930-Views]
LG launches new AI-powered premium LG G7 ThinQ+ flagship for GCC consumers [8278-Views]
The Annual Skyline Iftar at Skyline University College [6904-Views]
Historic Day Marked by Female Racing Driver as Saudi Women Gain the Right to Drive [6695-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories