GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Real Estate

 
  Share

Q3 2017 Highlights

  • Recapitalization Program successfully completed
  • Tabarak Investment Injects AED 500 million in Equity
  • Debt restructuring expected to be concluded across key markets in Q4 2017
  • Q3 2017 Revenue stood at AED 590 million
  • Ongoing UAE projects portfolio contributes 42% of the company's Q3 2017 revenue
  • The New Management conducts a projects commercial review and records additional provisions, revenue and margin adjustments for legacy projects across key markets
  •  The lack of liquidity prior to the completion of the Recapitalization Program and to the Equity injection, impacted the overall productivity of projects and resulted in a Net loss of AED 359 million in Q3 2017
  • UAE project tenders in advance stages of negotiations expected to materialize in Q4 2017


UAE, November 15, 2017 - Drake & Scull International PJSC (DSI), a regional market leader in engineering and construction services, reported its financial results for Q3 2017.

Revenue for the third quarter of 2017 stood at AED 590 million. The lack of liquidity prior to the completion of the Recapitalization Program and to the Equity injection by Tabarak Investment impacted the overall productivity of ongoing projects. Consequently, additional provisions, revenue, and margin adjustments were recorded across several markets resulting in a Net Loss of AED 359 million in Q3 2017.

The ongoing projects portfolio in the UAE remains robust and continues to be the main revenue driver, with the debt restructuring positively progressing in the local market. The debt restructuring effort is expected to be concluded across key markets in the fourth quarter of 2017 enabling the Group to secure its funding requirements and to move forward with its turnaround plan.

Furthermore, the company revealed that the UAE project tenders in advance stages of negotiations are expected to materialize in Q4 2017.

The company's quarterly financial results were released as the new leadership team continues to review projects and identify pertinent risks to mitigate its exposure on the operating and financial performance of the Group. The move represents another essential step in DSI's operational restructuring, which will set the stage for improved and consistent performance in the coming quarters.

Rabih Abou Diwan, Investor Relations Director of Drake & Scull International said: “We expect our financial performance to normalize in the fiscal year 2018 in line with our continued pursuit of restructuring and reinforcing our operations. Our primary objective is to strengthen our financial position, to accelerate projects delivery and to improve the operational performance across all sectors.”

“For the fourth quarter of 2017, we are confident that our performance will improve as we steam ahead with our restructuring program. We reassure our shareholders that we are on the right track to restore our leadership position in the mechanical, electrical, and plumbing (MEP) sector as the new board of directors remains fully committed to stabilizing the business and reinstating our trajectory for profitability and growth,” Abou Diwan concluded. 



Posted by : GoDubai Editorial Team
Viewed 4728 times
Posted on : Wednesday, November 15, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : At A+A, DuPont presented new Nomex® protective solutions for firefighters & industry workers
Next Story : SOUQ.com to Launch Half a Million Deals for White Friday 2017
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Mouawad Acquires The 51.38 Carat Dynasty Diamond From ALROSA
Cerruti 1881 MOLVENO timepiece and cufflinks
Nazih Introduces New Dr. Renaud Skincare Range
Five Awesome Reasons to Visit LEGOLAND® Dubai During the Eid Al Adha Holiday
Back-to-School Shopping Made Easy with SOUQ.com
Business Wear by Hugo Boss
The new Rado HyperChrome Chronograph in bronze and high-tech ceramic
Head to Modhesh World for Summer Fun Before the School Run
Spectacular live entertainment for the entire family at Majid Al Futtaim malls i...
Never Run Out of Space for Those Joyful Summer Holiday Memories With Western Digital
Eid Gift Guide 2018
Eberhard & Co. immortalizes a legend
Trend Alert! Clueless About Plaid? kate spade Found Fresh Ways to Showcase the G...
New Addition to the HUAWEI Nova 3 Series: On-trend and fashionable HUAWEI nova 3...
The Marriott International cyclist team completes 600km R2A cycle challenge
The Moon Collection From Lacoste
OMEGA Showcases its Passion for Golf at the 2018 PGA Championship
American Eagle Takes It to the Ne(X)t Level With Fall Jeans Campaign
Calligraphy, etching and Palestinian embroidery: Learn it all at Tashkeel this S...
Samsung Launches the Galaxy Note9 in the UAE
XTouch Announces the Launch of the Robot Family Range of Rugged Mobile Phones
Why Are Chipmakers Making Smaller and Smaller Processors?
du LaLiga HPC Top Talents Arrive in Spain for 21-day Annual Scouting Camp
Aperitivo di Ferragosto
Let your kids enjoy some dancing at James & Alex Dance Studios
LG to Introduce Advanced Stylers With Ai Voice Recognition and Mirrored Glass De...
Chronoswiss Limited Edition of Flying Grand Regulator Skeleton
The new Hamilton Khaki Field Mechanical
Raymond Weil unveils a new collaboration with Marshall Amplification
CASIO announces UAE launch of new 'Pro Trek WSD-F20A' outdoor smartwatch
Baroncelli Big Date collection from Mido
VIP Golf Austin Offers Golf Packages For the Avid Tourist
Free Wellness Workshop to address Physical and Mental health issues
Beauty at Robinsons
Aster Disaster Support Team mobilized to help Kerala flood victims
Feel Alive Again With the New IKEA 2019 Catalogue
Mohamed Bin Zayed Majlis for Future Generations Announces its Second Edition
Department of Culture and Tourism – Abu Dhabi brings excitement to children at S...
Secondary Infertility: A Confusing & Emotional Ride Affecting Millions of Women
Tommy Hilfiger Dressed Up Collections
Turkish Airlines posted USD 258 million Operating Net Profit in the first half o...
Balqees concert, Iftah Ya Simsim shows and Nabati poetry recital at Dragon Mart ...
Fun GUESS Handbags for Fall18
Skydance: The Sun – shining amid the immensity of the galaxy
ENEC Launches Youth Council to Empower the Next Generation of Emirati Nuclear En...
Huawei Recognizes Dr. Erdal Arikan, the Father of Polar Codes, for his Dedicatio...
Buy One, Get One Free Entry Ticket to Modhesh World With “Smiles by Etisalat”
2XL's Nicola dining furniture creates a welcoming space to enjoy a meal
DALBY and its 50 years of experience in hydraulic hooklifts will be present at t...
Yousif Mirza Back in Action for UAE Team Emirates at the Binck Bank Tour