Dubai-based contractor Drake & Scull International (DSI) narrowed its loss in the second quarter of 2022 as it awaits court approval for its debt restructuring process.
The company posted a loss of Dh36.6 million ($9.96m) in the three months ended June, compared with a Dh38m loss in the same period a year ago, it said in a filing to the Dubai Financial Market on Friday.
Revenue in the quarter declined 41 per cent annually to Dh21.17m as the company absorbed the impact of discontinued operations.
For the first half of 2022, DSI swung to a loss of Dh89m, compared with a profit of Dh77.3m in the same period a year ago. Revenue for the six-month period fell 45 per cent to Dh45m on an annual basis.
DSI's order backlog currently stands at Dh474m, driven by continuing operations in the UAE and overseas, it said.
The company's losses piled up after the fall in oil prices in 2014, which led to a decline in new projects. DSI struggled to recoup receivables owed to it.
“Further to our previous announcement on May 23, 2022, related to completing the restructuring process, we are currently focusing on obtaining the approval of the competent court to be able to implement the plan,” said chairman Shafiq Abdelhamid.
The latest financial restructuring is the second that DSI has undergone in the past five years.
In 2017, a capital restructuring took place that resulted in Dh1.7 billion worth of shares being cancelled to expunge historic losses, with private equity company Tabarak Investment committing Dh500m for a strategic stake in the company.
DSI said in March that it had officially completed its restructuring plan after reaching settlements with a number of creditors.
At the last hearing on April 20, the court appointed an expert to review DSI's restructuring procedure. The expert submitted a report confirming the company's ability to carry out the restructuring, the company said.
A review and decision are expected in the next court hearing on September 5. A successful completion of the restructuring process will enable DSI to resume trading on the DFM.
“We are grateful for the patience of our shareholders as we seek to restructure the company, thereby protecting, as far as possible, their investments and the livelihoods of many hundreds of families,” DSI said in Friday's filing, repeating Mr Abdelhamid's statement in its previous earnings report.
“We will continue to make all possible efforts to ensure that DSI shares will resume trading on the DFM after the completion of the restructuring.”
SPECS
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THE BIO:
Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.
Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.
Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.
Personal motto: Believe it and you can achieve it.
Masters%20of%20the%20Air
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
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SUZUME
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Killing of Qassem Suleimani
Coal Black Mornings
Brett Anderson
Little Brown Book Group
Neymar's bio
Total club appearances 411
Total goals scored 241
Appearances for Barca 186
Goals scored for Barca 105
DIVINE%20INTERVENTOIN
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More on animal trafficking
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
UAE currency: the story behind the money in your pockets
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
COMPANY%20PROFILE
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If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
