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DSI reveals AED 1.518bn credit loss provision reversal

DSI reveals AED 1.518bn credit loss provision reversal
DSI expected AED 1.518 billion credit losses relating to certain subsidiaries
Drake & Scull
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Dubai – Mubasher: Drake & Scull International (DSI) announced that a reversal of provision for expected credit losses amounted to AED 1.518 billion, relating to certain subsidiaries that were disposed of during the year.

Due to the disposed entities, the company reversed the provision, with the reversal being related to the entities with non-controlling interest, which resulted in net profit to the minority stakerholder.

The profit and loss and each component of other comprehensive income are attributed to equity holders of the parent and non-controlling assets, according to the company's clarifying disclosure to Dubai Financial Market (DFM) on Thursday.

It is noteworthy to mention that in 2019, the company turned to profitability after achieving net profits of AED 262 million against losses in 2018.