By Andy Sambidge
Drake & Scull International announces new contract wins amid expansion drive
Dubai-based Drake & Scull International (DSI) on Monday said it has been awarded new infrastructure contracts amounting to AED385m ($104.8m) in India and Saudi Arabia.
The Indian deal is for a coal power plant in India, while the company has also won an engineering, procurement, construction and commissioning for the Information Technology and Communication Complex (ITCC) in Saudi Arabia.
DSI said in a statement that its subsidiary in India has signed a AED205m contract with a private energy company for the design, engineering, inspection, and delivery of a coal conveyor system from a mine to a thermal power station in the state of Orissa
The contract for the ITCC is valued at AED180m and will be jointly undertaken by Drake & Scull's engineering and general contracting divisions in Saudi Arabia.
Khaldoun Tabari, CEO of DSI, said: "We are continuing to move forward with our expansion drive across the region and India, and Drake & Scull's one-stop service proposition is vital in realising our growth strategy.
"The new contracts we have signed in India and Saudi Arabia clearly demonstrate our unique ability to cater to a wide array of specialised requirements and we intend to build on these high-profile projects to further consolidate our stronghold in the regional market."
Last week, Drake & Scull International posted a 47 percent increase in net profit for the first quarter of 2013 compared to the same period last year.
The company reported net profit of AED63m on revenues of AED1.227bn which were 58 percent higher than Q1 2012, saying the company had streamlined its operations to cut costs.
In comparison to Q4 2012, revenues were sustained at the same level whereas the net profit grew by 93 percent, DSI said.
It added that total project awards year to date reached AED2bn in Saudi Arabia, the UAE and Qatar.