KuwaitPR.com, Online Press Release from Kuwait
 
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 : Kuwait PR Network Editorial Team
Viewed 42053 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 KuwaitPR.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
AIGNER FIRENZE: The Renaissance Collection [54801-Views]
Bottega Veneta Introduces L'absolu [47835-Views]
D1 Milano Launches Exlcusive Limited Edition Collection –The Khaleeji [42546-Views]
Michael Kors Dials Up the Glamour for Holiday 2018 [41873-Views]
Help Your Skin Survive This Halloween [40041-Views]
NARS Erdem SS19 Beauty Report [34780-Views]
Climax Mascara Never Fake It [29791-Views]
FOREO To Attend TFWA: the World's Largest Travel Retail Show [29106-Views]
Brow Contour Pro 4-in-1 defining & highlighting brow pencil [28278-Views]
Discover the Secret to Younger-looking, Radiant Skin [27978-Views]
Halloween “Catwoman” mask using BROW products [27966-Views]
The World of Aigner Wunderkammer [26970-Views]
Twelve Holiday Gifts for the Beauty-Obsessed Woman [26232-Views]
The FW18 Trend Report From Weill Paris [20086-Views]
Diana Arno Expands Online Shopping to Middle East [16978-Views]
The Future Is Here [12616-Views]
Michael Kors to Introduce a Special-edition Whitney Handbag for the Middle East [11431-Views]
Dyson Reveals the Future of Clean Homes. [11078-Views]
Welcome to the new Space Age [9410-Views]
Chloé Eyewear's Feminine Appeal Seen Through the Lens of the New “Rosie” Style [9098-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories