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Mon 5 Aug 2013 11:04 AM

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Dubai contractor Drake Q2 profit surges 63.1%

The company won a series of projects in Saudi Arabia and the United Arab Emirates

Dubai contractor Drake Q2 profit surges 63.1%

Dubai contractor Drake and Scull International said on Monday its second-quarter net profit rose 63.1 percent, beating analysts' estimates on new project wins and improved operating margins.

Drake, which specialises in mechanics, engineering and plumbing, reported a net profit of AED52.2m ($14.2m) for the quarter ended June 30, compared with a profit of AED32m in the corresponding quarter in 2012, it said in a bourse statement. The company did not specify whether the profit was attributable to its equity owners.

Five analysts polled by Reuters forecasted an average quarterly net profit of AED49.5m.

Drake has won a series of projects in Saudi Arabia and the United Arab Emirates, including a $461 million contract to build a twin-tower residential and commercial development in Saudi Arabian city of Jeddah.

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