Drake & Scull shift to profitability in the first quarter of 2021, recorded its profits of AED 115 million, for losses of AED 30 million in the corresponding quarter.
According to Arab Net, the company has become the transformation of profitability into financial and regulatory restructuring efforts.
The company has reduced the accumulated losses to AED 4.8 billion, equivalent to approximately 450% of the capital.
Drake & Scull announced in January to reach an initial agreement with lenders, and will vote for approval of the financial restructuring plan and start the process of issuance of subscription.
