Drake & Scull swung back to profit in 2020 as it made a Dh354 million gain on the disposal of one of its subsidiaries.
The company reported a net profit to shareholders of Dh109m, compared to a net loss of Dh87m in the prior year, according to a statement filed to the Dubai Financial Market.
Profit from continuing operations, however, fell 45 per cent to Dh128m as revenue declined 68 per cent to Dh216m.
Drake & Scull "still exists and is keen on the continuity of the operations of the company and its subsidiaries" through the delivery of water and energy projects in several markets, chief executive Munir Mansour said in the statement.
One of the contractor's subsidiaries won two new projects in Tunisia and India to develop sewage plants and the company is looking to expand in oil and gas, as it completes a project in the city of Basra in Iraq, Mr Mansour said. The company is also looking to secure new work in Kuwait and Egypt.
The profit achieved during the year means Drake & Scull managed to reduce its accumulated losses to nearly Dh4.9bn, compared to Dh5bn at the end of 2019. Shareholders' equity also improved marginally to a negative Dh3.75bn as of December 31, compared to negative Dh3.86bn a year earlier.
The reduction of negative equity and consistent gross profits is a "result of the perseverance of the executive management ... to improve the financial position and to ensure the continuity of the company’s operations by implementing the pillars of the restructuring plan and by reducing various administrative and operational expenses," Drake & Scull said in its statement.
The company said the restructuring process has now reached its "final and advanced stages".
The Financial Reorganisation Committee appointed Aaronite & Partners to handle the turnaround and meetings for both bank and trade creditors are due to be held online "on or around" February 25 to discuss restructuring plans, according to a statement filed by the company earlier this week.
Plastic tipping points
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Neighbourhood Watch
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.
What are the influencer academy modules?
- Mastery of audio-visual content creation.
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- Professional ethics.
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COMPANY%20PROFILE
Tomorrow 2021
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Masters%20of%20the%20Air
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Mohammed bin Zayed Majlis
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The burning issue
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Read part three: the age of the electric vehicle begins
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Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
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Mina Al Oraibi: Air strike casts a long shadow over the decade ahead
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