Drake and Scull International Reports Q3 2017 Financial Results
Drake & Scull International PJSC (DSI), a regional market leader in engineering and construction services, reported its financial results for Q3 2017.
Revenue for the third quarter of 2017 stood at AED 590 million. The absence of liquidity prior to the conclusion of the Recapitalization Program and to the Equity injection by Tabarak Investment influenced the overall performance of recurring projects. Subsequently, additional stipulations, earnings, and margin adjustments were tape-recorded throughout a number of markets leading to a Net Loss of AED 359 million in Q3 2017.
The ongoing projects portfolio in the UAE stays robust and continuouslies be the primary revenue vehicle driver, with the debt restructuring positively proceeding in the local market. The financial obligation restructuring initiative is expected to be ended throughout key markets in the fourth quarter of 2017 allowing the Group to protect its funding demands and to move on with its turn-around plan.
Moreover, the company revealed that the UAE project tenders in advance stages of arrangements are expected to materialize in Q4 2017.
The company's quarterly financial results were launched as the new management team continuouslies examine projects and recognize relevant threats to alleviate its exposure on the operating and monetary performance of the Group. The relocation represents one more necessary action in DSI's operational restructuring, which will certainly establish the stage for boosted and regular performance in the coming quarters.
Rabih Abou Diwan, Investor Relations Director of Drake & Scull International stated: "We expect our financial performance to stabilize in the 2018 in accordance with our continued search of restructuring and enhancing our procedures. Our primary goal is to strengthen our financial position, to speed up jobs shipment and to improve the functional performance throughout all industries."
"For the 4th quarter of 2017, we are confident that our performance will certainly improve as we vapor in advance with our restructuring program. We comfort our investors that we get on the appropriate track to recover our management placement in the mechanical, electrical, and pipes (MEP) market as the new board of supervisors remains fully devoted to supporting business and renewing our trajectory for profitability and growth," Abou Diwan concluded.
