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.
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
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iPhone XR
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Apple Watch Series 4
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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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- Disruption Lab and Research Centre for developing entrepreneurial skills
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How much do leading UAE’s UK curriculum schools charge for Year 6?
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- Gems Wellington International School – Dubai Branch – Dh58,488
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*Annual tuition fees covering the 2024/2025 academic year
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- DLD registration fee can be paid through banks or credit cards at zero interest rates
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His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
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Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
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