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Drake & Scull 2011 revenue up 68 per cent

Drake & Scull full-year profit climbed 36 per cent to US$60mn, while revenue rose 68 per cent to US$840mn, the company said in a statement.

Total project awards announced in 2011 reached US$1.2 billion in comparison to US$930mn awarded in 2010. DSI said its order backlog reached a record high of US$1.93 billion, representing a year-on-year increase of 43 per cent.

Achieved 2011 objective

"We are satisfied with the results and closed 2011 on track in achieving our growth objective for the year," said Khaldoun Tabari, CEO of DSI.

"2011 has been a year of growth and consolidation for the company as we have acquired during the last 2 years four companies that have significantly contributed to top line and bottom line growth," he said.

To sustain growth in 2012

"Our aim in 2012 is to sustain our growth in the MENA region and to pursue our expansion plan in Asia," Tabari added.

"The civil business was a major contributor to the revenues and we expect this trend to continue in 2012. We are confident that the secured backlog will guarantee steady revenue streams for the company to pursue its expansion plans in emerging and developing markets such as Africa and Asia," concluded Tabari.