Drake & Scull International, the Emirati company, achieved a net profit of 262 million dirhams for the fiscal year ending in December 2019.
According to Al Bayan newspaper, the company recorded revenues of 681 million dirhams for the fiscal year, supported by future project revenues at 625 million dirhams, including 309 million dirhams of joint ventures, Driven by its ongoing operations in the United Arab Emirates, Germany, Algeria, Kuwait and Iraq.
The total profit value was 8 million dirhams, while the company recorded a net profit of 262 million dirhams, compared to a net loss of 5,092 million dirhams for the same period last year. < / p>
Shafiq Abdul Hamid, the company's chairman, said: The executive management managed to achieve stability in the company, which will enable the completion of the restructuring process during this year, God willing. p>
We also thank the management of the Securities and Commodities Authority for its continuous efforts and support. The management team has worked tirelessly over the past year to address the challenges of tackling the massive losses recorded in 2018.
Abdul Hamid continued: To address the burden left by the previous administration. We have reached advanced stages in the financial restructuring process with leading banks, and have made real efforts to reach out to all commercial creditors before finalizing the restructuring agreement that will need the support of all stakeholders. Once the restructuring plan is completed, the company will be in a position to regain its position as an international contracting company and a pioneer in the field of mechanical, electrical and sanitary works that will return profit to shareholders.
Shafiq Abdul Hamid added: The recovery stage is at its beginning, as we are still negotiating a debt restructuring deal, as we are now in advanced stages of these negotiations with banks and commercial creditors. In order to reach a settlement that is in the interest of all parties, which will benefit the company in the long run.
He said: Our goal in 2019 was to refocus the company on its core business activities like mechanical, electrical, health, water, energy, oil and gas, in line with our restructuring plan and business plan, and to improve The financial situation through implementing the pillars of the restructuring plan approved by the shareholders, and by reducing operational costs and closely monitoring project performance. Productivity and operational efficiency will also be a key factor in maintaining the company's competitive advantage in the future, and we will continue to work effectively to win new projects and complete and complete existing projects. We will also continue to work with all of our stakeholders, including regulators, banks, creditors and employees, to restore trust and return to the company ...
