Dubai-based contractor Drake & Scull International has reported an year-on-year increase in both profits and revneues for the first quarter of this year.

Net profits were AED63m ($17m), up 47 per cent on the first quarter of last year. Revenues reached AED1.227bn, up 58 per cent on the same period last year.

In comparison to the fourth quarter 2012, revenues were flat, whereas profit grew significantly by 93 per cent.

The company has secured AED2bn of new contracts so far this year from Saudi Arabia, the UAE and Qatar. The total order backlog is AED9bn.