In Q1 fiscal 2011, DSI achieved revenue of AED645 million, compared to AED386 million reported for Q1 fiscal 2010. This represents a 67 percent year-over-year revenue growth.

Net income and earnings per share for the quarter were AED51 million and AED0.021 per share, which represent an increase of 21 percent in net income when compared with same period of fiscal 2010.

DSI is a regional market leader in integrated design, engineering and construction disciplines of mechanical, electrical and plumbing (MEP), civil contracting, and water and power.

Commenting on the results, Khaldoun Tabari, CEO of DSI, said: “The scale and diversity of our operations in the region enabled us to achieve robust financial results driven by a strong performance across all our operating segments. The integration of our acquisitions into DSI’s strategic platform in addition to our agility and flexible business model allow us to capitalize on strong industry fundamentals to strengthen our business streams, mitigate unforeseen risks and most importantly optimize our operations and exposure to profit from the promising market trends in the region.”

Osama Hamdan, CFO of DSI, said: “Our earnings per share (EPS) indicate a significant growth in earnings and the profitability and further substantiates our commitment to maximize our shareholders value. DSI’s price earning (PE) is a clear indication of our expected bottom line and top line growth and will foster a strong investor appetite in the company’s share price.”

He added: “The increase in gross margins reflects higher revenues and net profit and is attributed to our ability and commitment to control costs across our entire business streams.”

Since the Beginning of 2011, DSI has managed to secure a series of civil and MEP projects in Saudi Arabia, Oman, Egypt and the UAE for a combined value of AED2.8 billion and its backlog stands at AED7.5 billion as of March 31, 2011.

The company remains bullish on its expectations for the second half of the year and is currently extensively bidding for projects in the MENA region through its MEP, civil, and water and power divisions.