Drake & Scull International reported a return to profitability in the first quarter as the company restructures the business and cuts costs implemented by its new management.
The Dubai-listed engineering and construction services firm said net income for the first three months of the year was Dh7 million compared with a loss of Dh839m in the same period a year earlier. The company managed to record a profit despite a drop in quarterly revenue, which slumped to Dh693m, a 13 per cent year-on-on-year decline, the company said in a statement on Tuesday.
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“Reforms implemented by the new management have added significant strategic and operational impetus, in terms of efficiency and productivity measures achieved during the quarter," said Rabih Abou Diwan, the head of investor relations. "We will continue to leverage the synergies across our operating segments to improve our operating performance by reducing our overheads and by re-calibrating our services portfolio to drive margin accretion.”
Drake & Scull’s project backlog stood at Dh5.4bn at the end of the first quarter, bolstered by Dh305m of projects secured in its home market since the beginning of the year.
In March the company said it would appoint Fadi Feghali as chief executive, a post that had been vacant since August. Mr Feghali assumed his role on April 1.
Mr Feghali, who previously managed the international business units of DSI, succeeded Wael Allan, whose tenure ended in August by the board of directors amid a management shake-up. Mr Allan had assumed the post in October of 2016 after the long-standing chief executive Khaldoun Tabari stepped down.
Drake & Scull's main business lines include engineering, construction, and oil and gas.
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
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MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
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Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
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Match info
Liverpool 4
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West Ham United 0
If you go...
Etihad flies daily from Abu Dhabi to Zurich, with fares starting from Dh2,807 return. Frequent high speed trains between Zurich and Vienna make stops at St. Anton.