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Wed 6 Nov 2013 10:51 AM

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Dubai’s Drake & Scull Q3 net profit surges six-fold

Contractor has won $1.8bn worth of new work during the quarter, including projects in Saudi Arabia, Qatar, Algeria, Jordan, India, Romania and Turkey.

Dubai’s Drake & Scull Q3 net profit surges six-fold

Drake & Scull International, a Dubai-based contractor
specialising in mechanical, electrical and plumbing works, increased its profit
to AED23.8m ($6.5m) in the third quarter, up from AED3.9m a year ago.

Revenue for the period rose 60 percent to AED995m, as the
company’s total order backlog reached AED12.4bn as of September, up 65 percent
year-on-year, a statement to the Dubai Financial Market said.

In the year to date, Drake & Scull has won AED6.74bn ($1.8bn) of
new work, including projects outside of its domestic market including Saudi
Arabia, Qatar, Algeria, Jordan, India, Romania and Turkey.

“We remain confident of closing the year with a strong
quarter with significant contribution from our operations in KSA, Jordan, and
Algeria,” commented CEO Khaldoun Tabari.

Major projects scored by Drake & Scull this year include
a $461m contract to build a twin-tower residential and commercial development
in Saudi Arabian city of Jeddah.

It has also won a $113m contract for works at Abu Dhabi’s
version of the Louvre Museum.

Drake & Scull could benefit in the coming months from a
revival in Dubai’s property market, where analysts estimate that prices have
risen by more than a fifth in the year to date, following the sector’s collapse
in 2008 amid the financial crisis.

Major developers including Emaar Properties and Damac
Properties have announced a slew of new, or re-launched, multi-billion dollar
developments since the start of this year.

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