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Dubai’s Drake & Scull Q4 profit up, beat estimates
Contractor Drake & Scull International had higher fourth quarter profit, according to Reuters calculations on Monday, buoyed partly by cost-cutting.
February 13, 2012 2:22 by Reuters
The company reported full-year net profit of 220 million dirhams ($60 million). It gave no yearly comparative or quarterly figures.
Fourth-quarter profit was 65 million dirhams, Reuters calculated based on previous earnings reports, compared to 34.9 million dirhams in the prior-year period in 2010.
The quarterly profit beat the estimates of two analysts who forecast profit of 57 million dirhams and 52.3 million dirhams.
Drake shares were up 1 percent at 0720 GMT.
Total project awards announced in 2011 reached 4.4 billion dirhams in comparison to 3.4 billion dirhams in 2010, the company said in a statement on the Dubai bourse.
Drake’s order backlog reached 7.1 billion dirhams, a year over year rise of 43 percent.
The company, which specialises in mechanical, engineering and plumbing operations, attributed top line growth to increased momentum in project execution and more contracts in the region.
“Our focus remains on cost control and collections to ensure a healthy cash flow to maintain our strong balance sheet,” Osama Hamdan, Drake’s chief financial officer, said in the statement.
He said civil contracts were a major contributor to revenues and the trend is expected to continue in 2012.
Drake signed a $96-million deal in December to build a commercial development project in Riyadh. It also won a $39-million contract in Egypt for work on an ammonium nitrate plant in Ain Sukhna. ($1 = 3.6730 UAE dirhams) (Reporting by Praveen Menon; Editing by Amran Abocar) *image from abdb.com