DSI records 32% increase in profit

RELATED ARTICLES: DSI wins Abu Dhabi Hotel contract; DSI wins two major contracts; DSI acquires new business stream

Drake & Scull International PJSC (DSI) reported net profits of AED333 million for the fiscal year starting 17 November 2008, the date the company was incorporated as a public joint stock company, and ending 31 December 2009. The company recorded AED2.2 billion in revenue for the same period.

The results showed an annual profit of AED280 million for the calendar year starting 1 January 2009 and ending 31 December 2009, recording a year-on-year profit increase of 32%, up from AED212 million in 2008. Annual revenue totalled AED1.89 billion, up from AED1.72 billion in 2008, marking a year-over-year increase of 10%.

“DSI had a positive year. Given that 2009 was challenging, this was an extraordinary end to the year. Our performance in 2009 ratified the strength of our management team, the resilience of our business model and the innovation of our integration engineering. As we enter 2010, we remain optimistic as we continue to invest in our growth strategy and engineering capabilities for the benefit of our employees, clients and shareholders,” said DSI CEO Khaldoun Tabari.

“2009 was a year of transformation for DSI. The company performed in line with our expectations, and we have made good progress with our strategic priorities. We entered new, immensely growing sectors such as wastewater treatment and telecom infrastructure,” said Tabari. Expansion efforts reaped quick results for DSI in 2009, after winning seven contracts valued at a total of AED2 billion in the GCC, Sudan and Thailand, closing the year with a backlog of AED3.3 billion.

To streamline operations further and expand the business regionally, DSI formed two new subsidiaries at the beginning of 2010: Drake & Scull Water and Power (DSWP), to manage and control current and future water, power and infrastructure activities, and Drake & Scull Construction (DSC), to manage and control civil activities in the UAE and drive business development efforts regionally.

“2009 was about laying the foundation for a new era for DSI, during which the company successfully diversified its services and expanded regionally, while remaining profitable,” added Tabari. “With three acquisitions planned in 2010, we are also poised and ready for steady horizontal growth.”