the second quarter, DSI made a profit of Dh25.88 million in the three months to
The company also reported 8.3 per cent decline in revenues to Dh2.353 billion.
For the second quarter, the company reported a 41 per cent drop in net profit, missing analyst forecasts. In the second quarter, DSI made a profit of Dh25.88 million in the three months to
In the first half, earnings per share reached Dh0.029 compared to Dh0.044 recorded in the same period last year. Earnings before interest, taxes, depreciation and amortisation, or Ebitda, reached Dh149.9 million compared to Dh220.4 million, dropping 32 per cent year-on-year.
The decline in total revenues, Ebitda and net profit recorded during the first half of the year is mainly attributed to the lower contribution of the general contracting business which dropped five per cent, 2.5 per cent and 37.1 per cent, respectively, compared to last year mainly from operations in
"However, the oil and gas business will continue to contribute to the top-line and bottom-line growth of DSI from ongoing operations in
"The first half of the year showed signs of improvement in the industry and witnessed an increase in momentum with more market activity as total project awards year to date reached Dh4.6 billion across the Mena,
The oil and gas business also constituted 48 per cent with the carbon holding Tahrir petrochemical complex award in
The order backlog reached Dh14.27 billion, representing a year-on-year increase of 21.7 per cent.
Second-quarter revenues reached Dh1.101 billion compared to Dh1.340 billion achieved in the second quarter of 2013 and EPS closed at Dh0.011 representing a decrease of 41 per cent compared to the same period last year.
"Our revenue growth was slightly hindered and our profitability dropped year on year due to the delays on our major projects in
"The delays in approving large variations on our ongoing projects in
"We also expect productivity to be stagnant in Q3 2014 due the seasonality trend and the slowdown in operations during the holy month of
"We will continue to increase our portfolio, and invest in cutting-edge technology in order to expand our global presence by venturing into new markets and creating more opportunities for development across every segment of our business."
"We remain optimistic on the prospects of the second half of the year across all our markets and we expect to compensate for the shortfalls incurred in Q1 and Q2 as we are well geared to boost our operations and to recover our claims with strong emphasis on improving liquidity and profitability," said Safi.
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