The company records net profit of AED 220 million and AED 3.1 billion in revenues

Dubai, February 13, 2012 -  Drake & Scull International PJSC (DSI), a regional market leader in integrated design, engineering and construction disciplines of  Civil Contracting, Mechanical, Electrical and Plumbing (MEP), and Water and Power, reported  a net profit of AED 220 million and AED 3.1 billion in revenues for fiscal year 2011 ended December 31st .

The figures indicate a revenue growth of 68 % and a net profit growth of 36 % in comparison to fiscal 2010. Earnings per share ("EPS") in 2010 were AED 0.072 compared with AED 0.095 recorded during the same period this year.

Total project awards announced in 2011 reached AED 4.4 billion in comparison to AED 3.4 billion awarded in 2010.  The Order backlog reached a record high of AED 7.1 billion representing a year over year increase of 43 %.

Commenting on the announcement, Khaldoun Tabari, CEO of DSI said, "We are satisfied with the results and closed 2011 on track in achieving our growth objective for the year through the Civil, MEP and Water and Power subsidiaries across the region. 2011 has been a year of growth and consolidation for the company as we have acquired during the last 2 years four companies that have significantly contributed to top line and bottom line growth. Our aim in 2012 is to sustain our growth in the MENA region and to pursue our expansion plan in Asia."

Osama Hamdan, CFO of DSI added, "The Top line growth is attributed to the company's increased momentum in projects execution and ability to secure more contracts in the region. The remarkable increase in profits is a testament of our commitment to cost reduction, our efficiency and diligence in project execution. Our focus remains on cost control and collections to ensure a healthy cash flow to maintain our strong balance sheet."

"The civil business was a major contributor to the revenues and we expect this trend to continue in 2012. We are confident that the secured backlog will guarantee steady revenue streams for the company to pursue its expansion plans in emerging and developing markets such as Africa and Asia," concluded Hamdan.

-Ends-

About Drake & Scull International PJSC
Drake & Scull International PJSC (DSI) is a regional market leader delivering world class quality projects via end to end solutions that provide  integrated design, engineering and construction disciplines of Mechanical Electrical and Plumbing (MEP), Civil Contracting, and Water & Power Infrastructure, through People, Innovation, and Passion.

DSI established its first office in Abu Dhabi in 1966, and has since expanded operations to encompass offices in Dubai, Egypt, Kuwait, Libya, Oman, Saudi Arabia, Syria, Qatar, Jordan and Thailand, as well as managing projects in Europe and other parts of North Africa.

DSI 's main business streams include Drake & Scull International, which serves as the MEP arm, Drake & Scull Construction (DSC), which is the General Civil Contracting unit and Drake and Scull Water & Power (DSWP), which focuses on the Water & Power and Infrastructure sector.

In 2008, DSI offered 55% of its shares to the public and the IPO was oversubscribed 101 times. Ernst & Young ranked the IPO among the top 20 global IPOs in 2008.

DSI has since then used the funds to integrate, establish and acquire businesses that compliment its corporate strategy of expansion into new markets, via organic and inorganic growth.

The fully Integrated Management Systems, certified to ISO 9001:2008, ISO 14001:2005 and OSHAS 18001:2007 standards are compliant with leading building, health and safety regulations, as well as sound environmental and energy management procedures.

DSI is a leader through experience, and has established a regional leadership position over 44 years of successfully completing the most complex projects on time, within budgets and matching set quality parameters.

DSI has completed many prestigious projects in the region for over four decades, and has helped shape the region's skyline from within.

For more information, please contact:
Orient Planet PR & Marketing Communications
Tel: +971 43988901
Fax: +971 43988941
P.O. Box: 23345, Dubai, UAE
Email: media@orientplanet.com
Website: www.orientplanet.com

© Press Release 2012