Drake & Scull International Enhances Net Profit in Q1 2018
Drake & Scull International, a regional leader in engineering and construction services, reported today the results for Q1 2018. The overall revenue in the first quarter stood at AED 693 Million, as compared to AED 796 Million achieved in Q1 2017. Meanwhile, the company achieved an overall Net Profit of AED 7 Million for the same period, as compared to the Net loss of AED 839 Million declared during Q1 2017. The company also reported a Q1 2018 Gross Profit of AED 101 Million as compared to the Gross Loss of AED 49 Million reported during Q1 2017, as well as a Q1 2018 Operating Profit of AED 45 Million versus an Operating loss of AED 812 Million reported during Q1 2017.
DSI’s total project backlog stood at AED 5.4 Billion, supported by the AED 305 million worth of projects secured primarily in the home market (UAE) since January 2018.
The company attributes the improved results to the positive momentum achieved during the first quarter. Core metrics related to operational performance across key markets and segments showed signs of business stabilization. Through its ongoing business rationalization drive, the company also unlocked additional value in key areas, which were previously impaired by the impact of legacy issues on certain projects.
Rabih Abou Diwan, Investor Relations Director commented – “We are pleased to start the financial year with a return to profitability. The various reforms implemented by the new management have added significant strategic and operational impetus, in terms of efficiency and productivity measures achieved during the quarter. We will continue to leverage the synergies across our operating segments to improve our operating performance by reducing our overheads and by recalibrating our services portfolio to drive margin accretion.”
“Our target is to sustain our quarterly performance across all operating segments and key markets throughout the fiscal year and to secure profitable projects with our key strategic clients in the region.”
Drake & Scull International PJSC
DSI’s journey began in 1881 and has continued over 135 years, spreading from the western edge of Europe, to stretch across the eastern fringes of Asia today. DSI’s historic legacy can be divided into three significant milestones.