Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Drake & Scull Gains Most in 3 Months on Profit Bets: Dubai Mover

Don't Miss Out —
Follow us on:

April 8 (Bloomberg) -- Drake & Scull International PJSC surged the most in almost three months amid bets projects won by the supplier of engineering services to the construction industry will boost profits.

The shares jumped 3.9 percent, the most since Jan. 17, to 77.6 fils at the close in Dubai. About 33.4 million shares traded, the most of any stock on the benchmark DFM General Index, which climbed 2.2 percent.

The Dubai-based company said last month it was awarded contracts valued at 369 million dirhams ($100 million), including for a data center in Saudi Arabia and a utility project in Abu Dhabi, the capital of the United Arab Emirates. Net income may increase 10 percent this year to 141 million dirhams, according to the mean estimate of nine analysts on Bloomberg.

“In general, investors are optimistic about the new contracts and the prospects of the first quarter results,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities.

Drake & Scull shares have gained 10 percent this year, trailing the 18 percent increase in Dubai’s measure after the company reported a 42 percent drop in profit last year. First-quarter profit may decline to 34 million dirhams, according to NBK Capital estimates, after 37.6 million dirhams in the year-earlier period.

Four analysts have a buy recommendation on the stock, five say hold and three recommend selling, according to data compiled by Bloomberg.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.