#14 Drake and Scull
Drake & Scull International (DSI) is a regional market leader in the integrated design, engineering and construction disciplines of General Contracting, Mechanical, Electrical and Plumbing (MEP), Water and Power, Rail, and Oil and Gas, and Water and Wastewater Treatment.
Contracts won in the first half of this year include a AED120mn ($32.6mn) deal with Emirates District Cooling (Emicool) to extend its district cooling network to Dubai Sports City. In the first quarter Fujita Corporation awarded the company a QAR 340mn ($93mn) contract related to the delivery of the first phase of the Doha Metro Depots.
The company reported a 61 percent year-on-year decline in net profit for the first quarter of 2016 to AED 9.8mn, compared to AED 25.1mn a year earlier. Revenue was 8 percent lower at AED 1.03bn, and the value of its backlog declined by 18 percent to AED 11.3bn.
Despite the results, the company said it had made progress with a strategy to cut costs, improve margins and to try to boost its working capital. “The effect of strategic decisions and unprecedented measures initiated by DSI’s management last year have started to materialise, and have aided our determined efforts to continue the refinement and consolidation of our business in key markets,” said the company’s chief executive Khaldoun Tabari.
“We expect to continue making changes that will create positive impacts on the bottom line in the next couple of quarters. I believe that adapting our business model to the current market challenges is key to the success of our business.”
Drake and Scull picked up the award for Regional Market Penetration at the Construction Innovation Awards Qatar 2015.
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