Drake & Scull International PJSC a regional market leader in integrated design, engineering and construction disciplines of Mechanical, Electrical and Plumbing, Civil Contracting and Water and Power Infrastructure reported net profit of AED 162 million for the fiscal year ended December 31st 2010 and recorded AED 1.85 billion in revenue for the same period.

The company also achieved AED 623 million in revenues for the Q4 ending December 31st 2010, 44% increase over the Q3 results and managed to sustain its profitability and posted AED 41 million in net income for the same period.

Mr Said Khaldoun Tabari CEO of DSI said that “The revenue growth in the fourth quarter indicates the company’s increased momentum in projects execution and our ability to secure more contracts in the region. The severe competition in the industry in addition to the significant costs we incurred to complete our acquisitions and expansion plans, contracted yearly profit margins and restrained bottom line growth. However we expect a gradual reduction in administrative and operational costs during 2011 and our diverse geographical spread and integrated engineering capabilities will allow us to profit from the economy of scale.”

Mr Osama Hamdan CFO of DSI said that “Our team is dedicated to reducing marginal costs and overheads and we aim to substantially increase bottom line growth. We are confident that the investments made over the last 20 months will yield positive results and will foster revenue growth as we move forward into 2011.”