Quarterly revenues sustained at AED 1.227 billion and backlog closed at AED 9 billion

· Consolidated Net income for Q1 2013 grew by 47 % in comparison to Q1 2012

· Q1 2013 Revenues reached AED 1.227 billion compared to AED 777 million in Q1 2012 representing a 58% YoY growth

· Quarterly EPS reached AED 0.025 indicating a 42% YoY growth

· SG&A as percentage of revenues fell by 3.4% from 7.7 % to 4.3% compared to Q1 2012

· Total Backlog closed at AED 9 billion as of March 31st2013

· Net Operating Cash flow was AED 114 million compared to negative AED 448 million recorded in Q4 2012 and Negative AED 76 million generated in Q1 2012

· EPS reached AED 0.025 compared to AED 0.018 achieved in Q4 2012

· Net income doubled in comparison to Q4 2012 reaching AED 63 million

[Dubai, 01 May, 2013]Drake & Scull International PJSC (DSI), a regional market leader in the integrated design, engineering and construction disciplines of General Contracting, Mechanical, Electrical and Plumbing (MEP), Water and Power, Rail and Oil and Gas reported today solid financial results for the first quarter 2013 ended March 31st.

Net profit for Q1 closed at AED 63 million and revenues at AED 1.227 billion representing an increase of 47 % and 58 % compared to Q1 2012.

Earnings per Share (EPS) stood at AED 0.025 indicating a 42% growth compared to the same period last year.

In comparison to Q4 2012 revenues were sustained at the same level whereas the net profit grew exponentially by 93 % and EPS realized a solid growth of 40 %.

Total project awards year to date reached AED 2 billion in KSA, UAE and Qatar .The total order backlog closed at AED 9 billion as of the 31stof March representing a 17% growth in comparison to AED 7.7 billion recorded during the same period last year.

Quarterly SG&A as a percentage of revenues was 4. 3 %. The net operating cash flow generated during the same period was AED 114 million and was substantially improved from AED negative 76 million and AED negative 448 million recorded in Q1 2012 and Q4 2012 respectively.

Commenting on the results, Khaldoun Tabari, CEO of DSI said, "We continued to deliver consistent revenue growth and improved profitability in this quarter. KSA and the UAE contributed 59 % and 19 % to the consolidated top line growth across all our business streams and remain our key markets for 2013".

"Our operations across all markets are streamlined and cost reduction has been evident as our SG&A as percentage of revenue fell by 3.4% from 7.7 % to 4.3% year on year due increased productivity and cost efficiencies".

"We are well geared to deliver on our AED 9 billion backlog and our priority remains in delivering improved margins and enhanced liquidity".

Osama Hamdan, CFO of DSI added, "Q1 witnessed exceptional operational efficiency as we have succeeded in doubling our profit and sustaining record high revenues compared to Q4 2012".

"Our consolidated margins have improved and notably the MEP unit of our Engineering business generating 46% of the quarterly revenues at a 7.5% net margin. The general contracting business also contributed 51% of the quarterly revenues at a steady net margin of approximately 6 %. Remarkably, the Oil & Gas business achieved 15 % in net margin with higher contribution to the consolidated quarterly revenues".

"On the other hand ,we are very delighted to have restored our quarterly net operating cash flow to AED 114 million and we are keen on improving operational liquidity to deliver on our backlog".

"Delivering sustainable revenues and healthy profit margins are the key highlights for 2013. We expect to continue with the same momentum in Q2 and we see great potential for all our operations in the GCC region''.

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About Drake & Scull InternationalPJSC

Drake & Scull International PJSC (DSI) is a regional market leader delivering world class quality projects via end to end solutions that provide integrated design, engineering and construction disciplines of Mechanical Electrical and Plumbing (MEP), Civil Contracting, and Water & Power Infrastructure, through People, Innovation, and Passion.

DSI established its first office in Abu Dhabi in 1966, and has since expanded operations to encompass offices in Dubai, Egypt, Kuwait, Libya, Oman, Saudi Arabia, Syria, Qatar, Jordan and Thailand, as well as managing projects in Europe and other parts of North Africa.

DSI 's main business streams include Drake & Scull International, which serves as the MEP arm, Drake & Scull Construction (DSC), which is the General Civil Contracting unit and Drake and Scull Water & Power (DSWP), which focuses on the Water & Power and Infrastructure sector.

In 2008, DSI offered 55% of its shares to the public and the IPO was oversubscribed 101 times. Ernst & Young ranked the IPO among the top 20 global IPOs in 2008.

DSI has since then used the funds to integrate, establish and acquire businesses that complement its corporate strategy of expansion into new markets, via organic and inorganic growth.

The fully Integrated Management Systems, certified to ISO 9001:2008, ISO 14001:2005 and OSHAS 18001:2007 standards are compliant with leading building, health and safety regulations, as well as sound environmental and energy management procedures.

DSI is a leader through experience, and has established a regional leadership position over 44 years of successfully completing the most complex projects on time, within budgets and matching set quality parameters.

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