Dubai-headquartered contractor Drake & Scull International (DSI) has announced that it is financially restructuring its business, despite turning a profit of $54m for the first half of 2020, compared with a $228m loss in the first half of 2019.
DSI has $121m of work in the pipeline, $50m of which is from joint ventures in countries such as Algeria, Germany and Iraq. The company added that it had increased gross profits and reduced accumulated losses.
DSI said it was in the "advanced stages" of financial reorganisation with banks, and had begun a formal process allowing creditors to register claims with an expert appointed by the UAE’s Financial Reorganisation Committee.
Munir Mansour, DSI’s chief executive, commented on the restructuring: "During the last few months, DSI was keen to ensure the continuity of the business in its various projects while taking all precautionary measures and complying with the decisions issued by government authorities regarding the Covid-19 pandemic.
"DSI continued the contracting work on its existing projects, while focusing on the enhancement of our operational efficiencies, operating cost management as well as our overall financial position in line with the restructuring and business plan."
Image courtesy of Drake & Scull
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