The UAE comprised the largest share of the new awards accounting for 75 per cent of the group awards and Oman comprised 25 per cent in January-June 2015 period.
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The engineering business remained main revenue driver for the company as it constituted 87 per cent of the new project awards in first half while contracting contributed the remaining 13 per cent. "We have met our top line target for the first half of the year however, we continue to face pressure on our margins as a result of the delays on several projects," said Khaldoun Tabari, chief executive and vice-chairman of DSI. However, the net profit during April-June quarter amounted to Dh6 million while operating profit reached at Dh16 million. The contracting firm said its second-quarter revenue climbed 16.36 per cent to Dh1.28 billion compared to Dh1.1 billion in similar quarter last year.
It attributed the decline in operating margins to delays and cost overruns on projects across several markets. The regional market leader in the integrated design, engineering and construction disciplines said its first-half operating profit fell 27 per cent to Dh58 million from Dh79 million in the same period last year. The general contracting business contributed 35 per cent of the group revenue, down by eight per cent as compared to the same period last year. The company further said revenue from the engineering business rose 11 per cent and contributed 60 per cent of the group revenue. The group's total backlog value stood firm at Dh13.24 billion as of June 30. In a statement, the Dubai Financial Market-listed firm said its net profit during January-June period amounted to Dh34 million as total new project awards reached at Dh1.42 billion.
Drake & Scull International, or DSI, on Wednesday said its 2015 first-half revenue rose 1.7 per cent to Dh2.39 billion as its business picked up momentum in the UAE and Saudi Arabia.