Drake & Scull International swings to Q4 profit

15/02/2018 05:24 AST

Drake & Scull International, a regional leader in engineering and construction services, is back in the black with a net profit of Dh700,000 ($190,549) for the fourth quarter in 2017 compared to a net loss of Dh359 million the previous quarter.

Announcing the preliminary unaudited financial results for Q4 2017, Drake and Scull said the projects performance picked up momentum during the last quarter with the overall revenue increasing 11 per cent to Dh656 million during the period compared to the preceding quarter (Q3 2017).

The Dubai contractor's total projects backlog stood at Dh5.5 billion, supported by Dh494 million worth of new projects in the MEP (mechanical, electrical and plumbing) and water treatment sectors secured in the UAE and Saudi Arabia during the fiscal year.

The management continues to lay the foundation for an improved and sustained operational and fiscal performance, with a renewed focus on DSI's core MEP business in these regional markets, said the company in a statement.

The company remains committed towards the realisation of the recovery objectives set forth by the new leadership team appointed in Q4 2017 to steer the company back to recovery and growth.

Several organisational restructuring initiatives were executed in the quarter to streamline operations, reduce cost and improve efficiency.

DSI continues with its operational review across key markets and is undertaking key measures to mitigate contingent exposure of legacy projects.

The group is also accelerating projects bidding in key markets across all sectors and is undertaking several proactive measures to regain market share and restore its leadership in the region.

A regional market leader, DSI said its main business streams include engineering, construction, oil and gas, rail and infrastructure, and water and waste. The company operates across the GCC, Middle East, North Africa and India as well as manages projects in Europe.-

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