Drake and Scull reports AED13m in profit for Q4 2014

DUBAI, 15th February 2015 (WAM)— Drake and Scull, a regional leader in the integrated design, engineering and construction fields, on Sunday reported a net profit of AED13 million in the three months to 31 December, 2014 In a statement, the contractor said that its net profit for the fiscal year was AED110 million and revenues AED4.83 billion.

Earnings per share (EPS) reached AED0.047, the company said.

The company’s order backlog reached a record high of AED14.4 billion representing a year-on-year increase of 20 per cent. Saudi Arabia and the UAE markets remain the largest contributors to the backlog accounting for 34 per cent and 18 per cent respectively as of 31 December, 2014.

The company said that its general contracting and engineering businesses generated 40 per cent and 51 per cent of the cumulative revenues achieved in fiscal 2014. The oil and gas division and waste water division maintained their yearly contribution to the top line by five per cent and three per cent, respectively.

Drake and Scull added that profitability for the fiscal year was impacted by the delays in the Saudi market in the general contracting sector and the UAE receivables provisions which affected the overall operating and net margins of the group.