Dubai contractor giant loses in Q1 this year| MENAFN.COM

Thursday, 30 June 2022 01:06 GMT

Dubai contractor giant loses in Q1 this year

(MENAFN) Contractor Drake & Scull global fluctuation to a loss in the first three years of 2022, as it liquidated bank assurances as well as interest duties through its continuing restructuring procedure.

The contractor dispatched a Dh52.4 million (USD14.2 million) loss, in comparison to a Dh115.7 million revenues in the same duration a year before, as stated by DSI to the Dubai Financial Market. It is now concentrating on court agreement to implement a restructuring startegy, following it securing the creditors' authorization, as noted by head of DSI, Shafiq Abdelhamid.

Drake & Scull had been struggling with growing losses following a drop in oil costs 8 years ago caused to a decrease in latest projects, in addition to, the firm faced challenges to recover receivables due to it.


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