Dubai: Drake and Scull returns to profitability for Q4 2017
Dubai-based contractor, Drake and Scull International, reported its preliminary unaudited financial results for the fourth quarter of 2017.
Projects performance picked up momentum during Q4 2017 with the overall quarterly revenue increasing 11% to AED656mn compared to the preceding quarter (Q3 2017).
The company returned to profitability and reported a net profit of AED0.7mn for Q4 2017 compared to a net loss of AED359mn recorded in Q3 2017.
DSIs total projects backlog stood at AED5.5bn, supported by AED494mn worth of new projects in the mechanical, electrical, and plumbing (MEP) and water treatment sectors secured in the UAE and KSA during the fiscal year.
The statement read: “DSI management continues to lay the foundation for an improved and sustained operational and fiscal performance, with a renewed focus on DSIs core MEP business in its key markets (the UAE and KSA). The company remains committed towards the realisation of the recovery objectives set forth by the new leadership team appointed in Q4 2017 to steer the company back to recovery and growth.”
Several organisational restructuring initiatives were executed in the quarter to streamline operations, reduce cost, and improve efficiency. Drake and Scull International continues with its operational review across key markets and is undertaking key measures to mitigate contingent exposure of legacy projects.
The group is also accelerating projects bidding in key markets across all sectors and is undertaking several proactive measures to regain market share and restore its leadership in the region.