DUBAI, UAE: Drake & Scull International PJSC (DSI), a regional market leader in integrated design, engineering, and development in the MEP, Water and Power and Oil and Gas sectors, has announced its reviewed financial results for the second quarter of 2023.
The company reported a gross profit of AED 5 million, compared to AED 1 million for the same period in 2022.
The company’s revenue remained stable at AED 45 million, while its loss from continued operations increased to AED 163 million, compared to a loss of AED 90 million for the same period in 2022. The company attributed the loss to the net financing cost and commercial cases that will be adjusted upon successful completion of the restructuring process.
The company also reduced its general and administrative expenses by 30%, to AED 16 million, compared to AED 23 million for the same period in 2022. However, its accumulated losses increased to AED 5,261 million, and its total negative equity increased to AED 4,226 million, as of June 30, 2023.
The company’s order backlog stood at AED 410 million, driven by ongoing operations in the UAE and overseas countries.