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Dubai contractor Drake wins $230M Algeria contract
Dubai contractor Drake & Scull, which has shifted its focus to other regional markets after a slowdown in the United Arab Emirates' property sector, has won a 845 million dirham ($230 million) contract in Algeria, it said on Tuesday.
March 13, 2012 2:08 by Reuters
The contract was awarded to the civil contracting arm of Drake, the firm said in a statement to the Dubai bourse. No further details were given.
The company, which specialises in mechanical, engineering and plumbing operations, reported a higher fourth quarter net profit and said it was awarded projects worth 4.4 billion dirhams in 2011 compared to 3.4 billion dirhams in 2010.
Drake attributed top line growth to increased momentum in project execution and more contracts in the region.
It 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)