UAE’s Drake & Scull reports net profit of $54.2m in H1 2020

SourceArabian Industry
SectorFinancial Markets
CountryUnited Arab Emirates

Dubai Financial Market-listed contracting giant Drake & Scull International (DSI), has recorded $54.2m (AED199m) in net profit in H1 2020, with revenue for the same period having plunged to $21.2m (AED78m) from $70.9m (AED260m) for the same period in 2019.In a stock market filing, DSI said that the accumulated losses until 30 June 2020 has dropped from $1.4bn (AED5bn) as of 31 December 2019 to $1.3bn (AED4.8bn).For the first six months of 2020 until 30 June, the gross profit stood at $1.9m (AED7m), swinging back from gross loss of $32.1m (AED118m) for the same period in 2019.Furthermore, profit from continued operations reached $54.4m (AED200m) in H1 2020, of which $1.9m (AED7m) was gross profit, compared to a loss of $226.5m (AED832m) in more...