x Abu Dhabi, UAEWednesday 26 July 2017

Saudi business boosts Drake and Scull profit by 47% in the first quarter

Drake and Scull International said on Thursday its first-quarter net profit surged 47 per cent as its main businesses grew on the back of increased orders from its key market Saudi Arabia, helping beat analysts' forecasts.

Dubai contractor Drake and Scull International said on Thursday its first-quarter net profit surged 47 per cent as its main businesses grew on the back of increased orders from its key market Saudi Arabia, helping beat analysts' forecasts.

Drake, which specialises in mechanics, engineering and plumbing, reported a net profit of Dh63 million for the quarter ended March 31, compared with a profit of Dh37.6m in the corresponding quarter in 2012, it said in a bourse statement.

Four analysts polled by Reuters had on average expected Drake to report a net profit of Dh29.2m for the first quarter.

Revenue for the quarter increased 58 per cent to Dh1.22 billion from Dh777m a year earlier, Drake said, while total order backlog closed at Dh9bn as at March 31.

Shares of DSI have climbed 35 per cent this year on growing speculation that it was a takeover target, with Dubai builder Arabtec viewed by analysts as a possible buyer.

Arabtec's chief executive Hasan Ismaik said in April that it was not interested in a stake in Drake.

 

* Reuters