DSI reports AED41.7 million in operating profit in Q1 2015
Drake & Scull International PJSC (DSI) reported today the financial results for Q1 2015 ended March 31. Revenues recorded for the quarter stood at AED1.11 billion driven by operations in the KSA and UAE markets each contributing 41% and 25% of the cumulative topline achieved in Q1 2015 respectively.
Earnings per share (EPS) stood at AED0.011 and net profit reached AED27.8 million. DSI started the year with a positive momentum at its home market the UAE and managed to secure AED378 million worth of new engineering and general contracting contracts in Q1 2015 across the hospitality and commercial sectors.
The Order Backlog reached AED 13.8 billion representing a year on year increase of 13%. KSA and the UAE remain the largest contributors to the backlog accounting for 33% and 21% respectively as of the 31st of March 2015.
Commenting on the results Khaldoun Tabari, CEO and Vice-Chairman of DSI PJSC, said: “In the first quarter of FY 2015, our Engineering business secured the prestigious AED 198 Million Jewel of the Creek development in Dubai, while our General Contracting business was awarded the AED 180 Million Reef Residences project win. The project wins have helped in raising our projects’ backlog value to AED 13.8 billion.”