Drake & Scull International Returns to Profitability After Restructuring
The Dubai-based contractor Drake & Scull International was successful in achieving one of the main milestones by returning to profitability in the first half of the year.
DSI has just announced a net income of Dh30 million for the first half of the current fiscal year ending in June, compared to a loss of Dh163 million in the corresponding period a year earlier.
DSI chairman Shafiq Abdelhamid said the company had withstood “catastrophic financial, legal, and operational conditions” both inside and outside the UAE.
Under the current board’s stewardship, DSI has formulated a strategic long-term business plan that would right past errors and set transparent strategic objectives.
The fall of DSI was also hastened by the three-year oil price slump from 2014, which hit hard at the broader property and construction sectors across the region.