DSI Enhances Net Profit in Q1 2018
Drake & Scull International PJSC (" DSI" or the "Company"), a regional leader in engineering and construction services, reported today the results for Q1 2018. The general income in the initial quarter stood at AED 693 Million, as compared to AED 796 Million attained in Q1 2017. Meanwhile, the company attained an overall Net Profit of AED 7 Million for the same period, as compared with the Bottom line of AED 839 Million stated throughout Q1 2017. The company additionally reported a Q1 2018 Gross Profit of AED 101 Million as compared with the Gross Loss of AED 49 Million reported during Q1 2017, along with a Q1 2018 Operating Earnings of AED 45 Million versus an Operating loss of AED 812 Million reported throughout Q1 2017.
DSI's complete project stockpile stood at AED 5.4 Billion, supported by the AED 305 million well worth of jobs safeguarded mostly in the residence market (UAE) since January 2018.
The company attributes the improved results to the favorable momentum attained during the first quarter. Core metrics related to operational efficiency throughout key markets and segments showed signs of business stabilization. Through its continuous business rationalization drive, the company also opened added value in key areas, which were previously harmed by the influence of legacy problems on particular projects.
Rabih Abou Diwan, Investor Relations Director commented - "We are pleased to begin the financial year with a return to profitability. The various reforms executed by the new administration have actually included significant critical and functional motivation, in terms of efficiency and performance steps accomplished during the quarter. We will remain to take advantage of the synergies across our operating segments to improve our operating efficiency by lowering our expenses and by recalibrating our solutions profile to drive margin accretion.
" Our target is to maintain our quarterly performance throughout all operating sections and key markets throughout the and to secure rewarding jobs with our key strategic clients in the region."
