Dubai-based Drake & Scull International (DSI) has revealed discussions with banks to formulate a financial restructuring plan have reached “advanced stages” as the construction giant reveals an uptick in results for the first half of the year.
The company reported a net profit of $54 million (AED199m) for H1, despite the global coronavirus crisis, which compared to a net loss of $228m (AED838m) for the same period last year.
It builds on the positive results reported for 2019, which saw the construction company turn a net profit of $71.3m (AED262m) for the year, compared to over $1.4 billion (AED5bn) in losses from 2018.
The results seem to buck the current difficult times for the construction sector across the Middle East, particularly in light of the recent announcement that giant Arabtec is to be placed into liquidation.
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