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Thu 30 Jul 2009 03:14 PM

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DSI reports $24.5m Q2 net profits

The Dubai contractor sees its second quarter results surge by 15% from the previous quarter.

Drake & Scull International (DSI) saw its second quarter net profit surge by 15 percent to AED90m ($24.5m) from the previous quarter, the Dubai contractor announced on Thursday.

Announcements on potential acquisitions in mechanical, electrical and plumbing (MEP) contracting in Saudi Arabia, Qatar and Kuwait should be expected later in the year, the firm said in a statement.

DSI achieved total net profit of AED168m, equating to earnings per share of around AED0.08, for the first six months of the year, it said.

It reported net revenues of AED512m for the second quarter, a rise of five percent from the previous quarter.

In the coming months, DSI would announce many mutually beneficial alliances to further enchance shareholder value, said Khaldoun Tabari, DSI vice-chairman and CEO.

“DSI’s ability to anticipate change and adapt to the transforming market dynamics ahead of time has enabled us to produce strong financial results in a contradictory economic scenario,” he said.

The company planned to use the AED1.24bn funds it accumulated through its public listing for regional acquisitions as part of its expansion strategy.

It said it was evaluating potential acquisitions in similar sectors in Saudi Arabia, Qatar and Kuwait.

DSI’s existing projects in the Gulf were continuing, while further announcements on new schemes in the region could be expected in the near future, it said.

The contractor’s consolidated net revenues for the first half of 2009 were AED1bn.

DSI, the only specialist contractor listed on the Dubai Financial Market (DFM), listed on the exchange on March 16, 2009.

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