Drake & Scull International P.J.S.C

Drake & Scull International has successfully closed a new capital increase subscription, surpassing 150% of the required capital for its restructuring process. The new capital increase reached over AED 450 million, enabling the company to meet its capital requirements and aiding in the completion of its restructuring. The company is preparing to resume share trading on the Dubai Financial Market, pending regulatory approval.

On May 16, 2024, the Board of Directors of Drake & Scull International PJSC held their fourth meeting of the year. The key outcomes of the meeting were the approval of the previous meeting's minutes and the election of new leadership. Mr. Shafiq Abdul Hamid was elected as the Chairman of the Board of Directors, and Mr. Ahmed Al-Kilani was chosen as the Vice-Chairman.

Drake & Scull International PJSC (DSI), a leader in integrated design, engineering, and development, announced its Q1 2024 financial results. The company reported a gross profit of AED 1.3 million, up from AED 1.1 million in Q1 2023. Revenue was AED 31 million, a significant increase from AED 20 million in the same period the previous year. However, the company recorded a net loss of AED 46 million, an improvement from a net loss of AED 119 million in Q1 2023. The loss was attributed to a net financing cost of AED 39 million, which is expected to be reversed upon successful completion of a restructuring process. DSI's group backlog was AED 589 million, driven by ongoing operations in overseas countries. The company's CFO announced that a restructuring process is underway and a new IPO subscription for existing shareholders has begun, with the new funds to be used in improving operational efficiency and winning new projects.

The document is an unaudited interim condensed consolidated financial statement of Drake and Scull International PJSC and its subsidiaries, as of 31st March 2024. This report is primarily intended for individuals with an interest in finance and investing.