Drake & Scull swings to profit in Q1 2018
Drake & Scull International (DSI) posted a net profit of Dh7 million for the first quarter of 2018 compared to a net loss of Dh839 million during the same period last year.
The company attributed the improved results to the positive momentum achieved during the first quarter. Core metrics related to operational performance across key markets and segments showed signs of business stabilisation.
Overall revenue in the first quarter stood at Dh693 million, as compared to Dh796 million achieved in the first quarter of 2017.
“The various reforms implemented by the new management have added significant strategic and operational impetus, in terms of efficiency and productivity measures achieved during the quarter. We will continue to leverage the synergies across our operating segments to improve our operating performance by reducing our overheads and by recalibrating our services portfolio to drive margin accretion,” Rabih Abou Diwan, investor relations director, said in a statement.
“Our target is to sustain our quarterly performance across all operating segments and key markets throughout the fiscal year and to secure profitable projects with our key strategic clients in the region.”
DSI’s total project backlog was at Dh5.4 billion, supported by the Dh305 million worth of projects secured primarily in the home market — the UAE — since January 2018.
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