Drake & Scull International PJSC , the Dubai-based construction and engineering firm, has announced a net profit of AED 3.76 billion for the fiscal year ending December 31, 2024, marking a significant turnaround from the AED 366.87 million loss reported in the previous year.
The company’s revenue increased to AED 103.67 million, up from AED 86.29 million in 2023. Total assets rose to AED 647 million, compared to AED 315.4 million year-on-year.
This positive financial outcome is largely attributed to the successful completion of a comprehensive restructuring plan, which included the write-off of debts, legal provisions, and bank interest amounting to AED 4.1 billion. The restructuring process, spanning over six years, was initiated to address the company’s accumulated losses of AED 5.5 billion that had brought it to the brink of bankruptcy.
Eng. Shafiq Abdelhamid, Chairman of DSI, highlighted that the company’s return to profitability was achieved immediately after the completion of the restructuring plan. He noted that, excluding the profit from the write-back of liabilities under the approved restructuring settlement plan, the company achieved a semi-annual net profit of AED 30 million.
The restructuring efforts have also led to an improvement in the company’s equity position, shifting from a deficit of AED 4.4 billion as of December 31, 2023, to a positive value of AED 180 million by June 30, 2024.
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