2019 Audited Financial Results Announced By Drake And Scull International

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2019 Audited Financial Results Announced By Drake And Scull International

Drake & Scull International PJSC (DSI), a regional market leader in the integrated layout, engineering as well as construction self-controls of Mechanical, Electric as well as Plumbing (MEP), Water and Power, and Oil and Gas reported today its audited financial outcomes for the year ended December 2019, reporting an internet earnings of AED 262 million.

- 2019 Revenues stood at AED 681 million contrasted to AED 798 million in 2018.

- Gross Profit of AED 8 million in 2019 compared to Gross Loss of 952 million in 2018.

- Make money from proceeded operations reached AED 234 million in 2019 compared to a loss of AED 4,930 million.

- Total Negative Equity has actually been enhanced from AED 4,748 million in 2018 to AED 3,987 million in 2019.

DSI recorded a revenue of AED 681 million for the complete year as well as the backlog remained secure at AED 625 million, that includes AED 309 million from Joint-Ventures, driven by on-going procedures in the UAE, Germany, Algeria, Kuwait and Iraq.

Gross profits the period stood at AED 8 million and the Net revenue for the year stood at AED 262 million contrasted to net loss AED 5,092 million recorded for the exact same duration in 2015.

Shafiq Abdelhamid, Chairman of DSI, said: "The Board of Directors and I would love to thank the executive management for their vision, tenacity, and their tremendous initiatives in maintaining the business which will enable the restructuring to be finished this year. I would also such as to prolong my thanks and deep gratitude to the Securities and Commodities authority for their efforts as well as continuous support. The team at DSI has worked tirelessly for the past year to take on the genuine obstacles of dealing with the huge losses videotaped in 2018, as well as the burden left by the previous administration. The financial restructuring is progressing with the lead banks, and also we have materialized efforts to reach out to all the trade creditors ahead of settling the restructuring proposal which will require the continued assistance of all stakeholders. As soon as the restructuring is total it will certainly place DSI so regarding be able to regain its position as profitable international MEP service provider".

"In line with our restructuring plan as well as strategic roadmap, our purpose in 2019 was to re-focus the company on its core business tasks of MEP Contracting, Water as well as Energy and Oil & Gas; & Gas; while strengthening our balance sheet/financial setting by applying the pillars of the restructuring method as authorized by the Shareholders by reducing operational prices as well as very closely monitoring our jobs. Functional productivity and performance will certainly also be a vital factor in keeping DSI's competitive edge, as well as we will certainly continue to actively deal with winning new projects while dealing with completing existing ones." Ultimately we will continue to involve with all our stakeholders, including regulators, financial lenders, trade lenders and also employees to ensure that Drake & Scull emerges from the last few years of difficulties as a strong UAE company".