Drake & Scull turns to profitability; restructuring process reaches final stage

SectorFinancial Markets

Dubai – Mubasher: Drake & Scull International (DSI) has recorded AED 109.3 million net profits attributable to the equity holders in 2020, against AED 87 million net losses in 2019, according to the company's preliminary results for 2020. The company's revenues decreased to AED 215.571 million in 2020 from AED 681.494 million in the previous year. The earnings per share (EPS) stood at AED 0.10 last year, versus losses per share of AED 0.08 in 2019. The company's accumulated losses declined to AED 4.896 billion as of 31 December 2020, from AED 5.01 billion as of 31 December 2019.

At the same time, the company's restructuring process has reached its final stages, as the expert, appointed by the Financial Reorganisation Committee, has invited the creditors to attend meetings, set to be held on 25 February 2021. During the meetings, the restructuring plan will be presented, the company's creditors and subsidiaries will vote thereon. ...read more...