Drake and Scull International (DSI), the engineering contractor based in Dubai, recorded a 32 per cent rise in profit last year after winning seven contracts and expanding into busier areas of the sector and abroad.
The company will further broaden its scope this year with the acquisition of three companies, it said in a statement to the Dubai Financial Market (DFM). DSI floated shares on the DFM in March last year to help fund its expansion, making it the only UAE firm to go public in almost a year.
Profit for the year increased to Dh280 million (US$76.2m), from Dh212m in 2008, while revenue rose 10 per cent to Dh1.89 billion from Dh1.72bn.
The gain was also helped by seven new contract wins in Sudan, Thailand and the GCC, worth a total of Dh2bn. They brought the company's backlog for the year to Dh3.3bn.
"2009 was a year of transformation for DSI," said Khaldoun Tabari, the chief executive of DSI. "The company performed in line with our expectations and we have made good progress with our strategic priorities." Since January, DSI has picked up Dh369m worth of contracts for projects in Abu Dhabi. The company has also set up two new subsidiaries: Drake and Scull Water and Power, and Drake and Scull Construction.
DSI has weathered the global economic downturn better than rivals that were overexposed to residential building, which slowed dramatically last year as developers cancelled projects and slowed payment on others.
The company plans to capitalise on the downturn to acquire firms with values that were badly hit, and strengthen its capacity in areas such as wastewater treatment and telecommunications infrastructure. Last December, it paid Dh80.5m to increase its stake in Kuwait's Electrical Contracting to 75 per cent. In November, the company paid Dh145m for an 82 per cent stake in Passavant-Roediger, a wastewater unit of Germany's Bilfinger Berger.
"As we enter 2010, we remain optimistic as we continue to invest in our growth strategy and engineering capabilities for the benefit of our employees, clients and shareholders," Mr Tabari said.
"With three planned acquisitions in 2010, we are also poised and ready for steady horizontal growth."
@Email:agiuffrida@thenational.ae
Company%20Profile
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TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
THE SPECS
Engine: 4.4-litre V8
Transmission: Automatic
Power: 530bhp
Torque: 750Nm
Price: Dh535,000
On sale: Now
Suggested picnic spots
Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes
Opening weekend Premier League fixtures
Weekend of August 10-13
Arsenal v Manchester City
Bournemouth v Cardiff City
Fulham v Crystal Palace
Huddersfield Town v Chelsea
Liverpool v West Ham United
Manchester United v Leicester City
Newcastle United v Tottenham Hotspur
Southampton v Burnley
Watford v Brighton & Hove Albion
Wolverhampton Wanderers v Everton
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.