Drake & Skull declares quarterly results.

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Drake & Skull, the Dubai-based engineering and contracting company recorded a profit of Dh51 million (US$13.8m). According to the company, there was a 21 percent increase in profits compared with the previous quarter. This achievement is attributed to the ventures outside their home market.

The net income is pegged at Dh51 million (US$13.8m). For the same quarter, previous year, the company earned a profit of Dh42.2m.

The companys IPO was in 2008 and managed to sell 55 percent of its shares to raise Dh1.2 bn. Since then the company aggressively marketed outside their home market, across North Africa and the Middle East. This year they had projects worth Dh2.65bn in Oman, Saudi Arabia, Egypt, and UAE. The company also acquired International Centre for Contracting (IC), a Saudi Arabian contractor, for 128m Saudi riyals (Dh125.3m). The backlog of orders is valued at Dh7.5bn and is spread across Saudi Arabia, Abu Dhabi, Dubai, and in other markets such as Kuwait, Qatar and Europe. IC recorded a revenue of Dh645m.

According to Khaldoun Tabari, the chief executive of the company, diversity in operations and steady performance enabled to achieve the result.

The share value of the company climbed to reach Dh1.07 per share, which is 2.9 percent above the previous close.

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