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Drake & Scull Quarterly Profit Jumps 63% as Order Backlog Rises

Aug. 5 (Bloomberg) -- Drake & Scull International PJSC, a Dubai-based construction company, said second-quarter profit surged 63 percent, beating analysts’ estimates, as the company expanded in Saudi Arabia.

Net income rose to 52.2 million dirhams ($14.2 million) from 32 million dirhams a year earlier, the company said in a statement today without specifying whether the figure includes minority interests. The mean estimate of five analysts was for a profit of 50.3 million dirhams, according to data compiled by Bloomberg.

“We are well on track in achieving our growth objectives for the year,” Chief Executive Officer Khaldoun Tabari said in the statement. “Saudi Arabia and the United Arab Emirates continue to be the key drivers to our top-line growth.”

Contract revenue increased in the second-quarter to 1.34 billion dirhams compared with 717.3 million a year earlier. The order backlog surged to 11.7 billion dirhams at the end of second quarter from 7.4 billion a year earlier.

Drake & Scull was up 1.7 percent at 1.18 dirhams as of 10:47 a.m. in Dubai. The stock has soared 68 percent this year compared with a 63 percent increase for the Dubai Financial Market General Index.

“Our recent contract awards in the Jordanian market and the ongoing projects in Southern Iraq will contribute to the bottom line growth in the second half of the year as productivity on project sites improves,” the CEO said.

To contact the reporter on this story: Zainab Fattah in Dubai at zfattah@bloomberg.net

To contact the editor responsible for this story: Ross Larsen at rlarsen2@bloomberg.net

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