Drake & Scull International (DSI) has reported a new profit of $71million for the year ended December 2019.
2019 revenues stood at $185m compared to $217m to previous year, while gross profit stood at $2m in 2019 compared to gross loss of 259m in 2018.
Shafiq Abdelhamid, chairman of DSI, said: “The Board of Directors and I would like to thank the executive management for their vision, tenacity, and their tremendous efforts in stabilizing the company which will enable the restructuring to be completed this year.
"I would also like to extend my thanks and deep gratitude to the Securities and Commodities authority for their efforts and continuous support. The team at DSI has worked tirelessly for the past year to tackle the real challenges of dealing with the huge losses recorded in 2018, and the burden left by the previous management.
"The financial restructuring is progressing with the lead banks, and we have made real efforts to reach out to all the trade creditors ahead of finalizing the restructuring proposal which will need the continued support of all stakeholders. Once the restructuring is complete it will position DSI so as to be able to regain its position as profitable international MEP contractor.
“In line with our restructuring plan and strategic roadmap, our objective in 2019 was to re-focus the company on its core business activities of MEP Contracting, Water and Energy and Oil & Gas; while strengthening our balance sheet/financial position by implementing the pillars of the restructuring strategy as approved by the Shareholders by reducing operational costs and closely monitoring our projects.
"Operational productivity and efficiency will also be a key factor in maintaining DSI’s competitive edge, and we will continue to actively work on winning new projects while working on completing existing ones.
"Finally we will continue to engage with all our stakeholders, including regulators, financial lenders, trade creditors and employees to ensure that Drake & Scull emerges from the last few years of difficulties as a strong UAE company."