Drake & Scull International appointed its second chief executive this year as the company, which narrowed its loss in the second quarter, presses on with restructure of operations.
The Dubai-listed engineering and construction services company appointed Yousef Al Mulla as chief executive starting August 26, replacing Fadi Feghali, DSI said on Tuesday in a statement to the Dubai Financial Market, where its shares are traded.
DSI reported a net loss attributable to shareholders of Dh181 million for the three months ending June 30 compared with a loss of Dh183m in the same period a year earlier, according to the regulatory filing with the bourse on Tuesday.
Contract revenue nearly halved to Dh350m in the second quarter from Dh660m in the same period a year earlier.
The company said the decline in profitability is mainly attributed to cost overruns recorded for non- performing subsidiaries in secondary markets, primarily in Oman, Qatar, and Jordan. A hike in finance costs also contributed to the quarterly loss.
DSI said its board of directors discussed a "detailed and comprehensive" plan that is being prepared as a continuation to the restructuring strategy of its business that was put in place 2016-2017. The firm intends to scale down operations in none core businesses and non-performing business streams in the next phase of its restructuring while increasing its focus on core markets and profitable business streams.
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In a separate filing with the DFM, DSI said there are no plans for it to suspend its shares from trading and that the decline in the company's share price is a reflection of supply and demand in the market.
In March, the company said it would appoint Mr 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 last year by the board 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.
DSI's main business lines include engineering, construction, and oil and gas.
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
Dengue fever symptoms
High fever (40°C/104°F)
Severe headache
Pain behind the eyes
Muscle and joint pains
Nausea
Vomiting
Swollen glands
Rash
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
The bio
Favourite vegetable: Broccoli
Favourite food: Seafood
Favourite thing to cook: Duck l'orange
Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania
Favourite place to travel: Home in Kuwait.
Favourite place in the UAE: Al Qudra lakes
EA Sports FC 24
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, PC and Xbox One
Rating: 3.5/5
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
UAE athletes heading to Paris 2024
Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).
Cycling
Safia Al Sayegh (women's road race).
Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).
Athletics
Maryam Mohammed Al Farsi (women's 100 metres).
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma