DSI falls back despite profit surge and record-high backlog
The Dubai Financial General Index DFMGI closed 1.29 per cent higher at 4,073.56 points, on Thursday February 13. Arabtec, as the most liquid share, ended up 0.40 per cent higher at AED4.99. Drake and Scull International (DSI) declined by 0.56 per cent to AED1.79. Earlier in the day, DSI said that its net income in 2013 amounted to AED185 billion ($50.44bn), representing a year-on-year growth of 61 per cent. DSI is a Dubai-based regional firm in the integrated design, engineering and construction disciplines of civil contracting, mechanical, electrical and plumbing, water and power, rail and oil and gas. Total backlog for fiscal 2013 reached AED12.0bn ($3.27bn), an increase of 36 per cent over fiscal 2012. Khaldoun Tabari, CEO and vice chairman of DSI, says 2013 was a year of continued growth for DSI in the GCC region, with major milestones achieved in North Africa, the Levant and India. He adds: “The investments we made over the past two years are now materialising to create a future of exceptional integrated engineering services with tremendous opportunities for DSI across all sectors in 2014.” Approximately 1.5 billion shares were traded, valued at AED3.227bn.