More losses for #Dubai’s DSI as it awaits approval of restructuring

More losses for Dubai’s DSI as it awaits approval of restructuring

Dubai-based contractor Drake & Scull International (DSI) reported a loss of AED 36.6 million for the second quarter of 2022, as accumulated losses grew to AED 4.96 billion, up AED 4.82 billion year-on-year.

The company is awaiting court approval to implement a restructuring plan according to its chairman Eng. Shafiq Abdelhamid, who said the next court hearing was to take place on September 5.

This quarter’s loss marginally decreased YoY from AED 37.8 million in 2021. The company posted a loss of AED 83.3 million for the first half of 2022, down from AED 77.5 million YoY.

Revenue for Q2 2022 was AED 21.2 million, down from AED 35.9 million YoY, and AED 45 million for the first half of the year, down YoY from AED 81.8 million.

The company said total negative equity increased to AED 3.97 billion, up from AED 3.83 billion for the same period in 2021.