Order Backlog closes at AED 11.7 billion and EPS rises from AED 0.028 to AED 0.044


·         Consolidated Net Profit stood at AED 114.9 million in H1 2013 compared to  AED 74.6 million in H1 2012 representing a 53.9 % YoY growth

·         H1 2013 Revenues  reached AED 2.567 billion compared to AED 1.494 billion in H1 2012 representing  a 71.8% YoY growth

·         EPS reached AED 0.0437 indicating a 56.1% YoY growth

·         SG&A as percentage to revenues fell by 4.2% from 9.4% to 5.2% compared to H1 2012

·         EBITDA reached AED 189.9 million  compared to AED 107 million representing an increase of 77.5% compared to H1 2012

·         Total Backlog closed at AED 11.7 billion as of June 30th  2013 compared to AED 7.4 billion recorded during the same period last year

·         Net Operating Cash flow was AED 83 million in H1 2013

·         Q2 2013 Net Profit reached  AED 52.2 million compared to AED 32 million recorded in Q2 2012

·         Q2 2013 revenues reached AED 1.340 billion compared to AED 717.3 million achieved in Q2 2012

·         EPS closed at AED 0.0192 representing an increase of 60 % compared to Q2 2012




[Dubai, 4th August, 2013] Drake & Scull International PJSC (DSI), a regional market leader in the integrated design, engineering and construction disciplines of General Contracting, Mechanical, Electrical and Plumbing (MEP), Water and Power, Rail and Oil and Gas reported today total Revenues of AED 2.567 billion and total Net Profit of AED 114.9 million for the first half of 2013 ended June 30th, representing a top line and bottom line growth of 71.8 % and 53.9 % respectively, compared to the first half of 2012.


Earnings per Share (EPS) for the first half of the year stood at AED 0.044 indicating a 56.1% growth compared to the same period last year.


Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) reached AED 189.9 million compared to AED 107 million indicating improved operational efficiency.


Total project awards year to date reached AED 5.2 billion in KSA, UAE, Qatar, Jordan and India. The total Order Backlog reached a record high closing at
AED 11.7 billion as of the 30th of June representing a 58.1% growth compared to AED 7.4 billion recorded during the same period last year.


Selling, General & Administrative Expenses (SG&A) as percentage to revenues fell by 4.2% from 9.4% to 5.2% compared to H1 2012 and net operating cash flow generated during the first half of 2013 was AED 83 million. 


Quarterly Net Profit increased by 63.2% closing at AED 52.2 million compared to AED 32 million recorded in Q2 2012.


Q2 2013 Revenues nearly doubled surging to AED 1.340 billion compared to
AED 717.3 million achieved in Q2 2012 .EPS for the same period closed at
AED 0.0192 representing a Year on Year increase of 60%.

Commenting on the results, Khaldoun Tabari, CEO of DSI said, "We have successfully managed to deliver on our growing backlog in the first half of the year. The consolidated Net income and Revenues recorded during H1 2013 constitute 100% and 77.3 % of the respective results achieved in fiscal 2012 ended December 31st."


"We are well on track in achieving our growth objectives for the year. KSA and the UAE continue to be the key drivers to our top line growth. Our recent contract awards in the Jordanian market and the on-going projects in Southern Iraq will contribute to the bottom line growth in the second half of the year as productivity on project sites improve."


"Operations in Qatar, Kuwait, Algeria and India are steady with sustained margins across all our business streams."


"The results of the first half of the year are a testimony of our commitment to deliver growth and solid quality of earnings by increasing revenue growth while improving our operational margins and reducing our SG&A." Khaldoun Tabari added.



"Our operational cash flow has substantially improved compared to H1 2012 as we remain focused and determined on improving collections and enhancing our cash conversion cycle to improve our working capital and deliver on our backlog."


"We remain optimistic on the prospects of the second half of the year across all our markets and we expect to continue with the same momentum with additional emphasis on improving liquidity and sustaining profitability."




- 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  Engineering (Mechanical Electrical and Plumbing (MEP) and Water & Power), General Contracting, Oil and Gas, Rail and 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 India, Thailand, as well as managing projects in Europe and other parts of North Africa.


DSI 's main business streams include Drake & Scull Engineering, which serves as the MEP and Water & Power arm, Drake & Scull Construction (DSC), which is the General Civil Contracting unit and Drake and Scull Development, focusing on the  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 complement 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 48 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:

Drake & Scull International PJSC
Rabih Abou Diwan
Corporate Communication Manager
T: +971 4 8112300
M: +971 52 8003412
Email: Rabih.Aboudiwan@drakescull.com 
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