Selling of loss-making entities and a return to focus on its core MEP-related project work is helping with Drake & Scull’s revival, according to a top official. The company, in the midst of a major financial restructuring, is also pursuing new work – in the UAE and outside.
“We are making a continuous effort to win more projects were possible, whether in UAE or overseas, in addition to the on-going operations in Algeria, Tunisia, Palestine, India, Kuwait, Iraq, and Germany,” said Munir Mansour, CEO.
“The organizational restructuring is progressing well especially after the sale of a number of the loss-making civil-related entities.” Its current order backlog is valued at Dh398 million.
Last year, it recorded a one-off gain of Dh291 million from selling a subsidiary company. Total negative equity was reduced from Dh3.97 billion in 2019 to Dh3.90 billion. (Drake & Scull's issues came to light in 2019, when the company revealed that its actual losses were much bigger than stated in its previous year financials. It launched investigations into former executives' decisions and actions. These are still progressing at multiple levels.)
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