Troubled contractor says optimisation helped it achieve a gross profit of $2.99m compared to $1.90m posted in 2020
Drake & Scull International (DSI), the UAE-based contractor for integrated design, engineering and construction projects, has reported a net profit of $21.2 million for the first six months of the year.
In a statement, the contractor said that it has achieved a gross profit of $2.99 million compared to the $1.90 million posted for the same period last year. Revenue hit $22.32 million, up 51.12% from last year’s figures of $21.2 million.
These figures were driven by continuous success of optimising the operating expenses and direct supervision of ongoing projects, DSI said.
While announcing its H1 results, the Dubai-based contractor said it had managed to trim its accumulated losses for June this year from $1.33 billion at the end of December 2020 to $1.31 billion.
DSI said it is awaiting approval from shareholders for the group’ new restructuring plan.
“We have made good progress on it. We now have a fully documented legal agreement with a group of the largest lenders,” remarked its Chairman Engineer Shafiq Abdelhamid.
“The details of the Restructuring Plan were presented to all creditors to initiate the voting, and, and we are progressing towards securing the required approval of two-thirds of creditors by value,” he added.
The Dubai-based contractor said that its order backlog remained stable at $96.10 million, driven by ongoing operations in the UAE, Algeria, Tunisia, Palestine, India, Kuwait, Iraq, and Germany.