Dubai – Mubasher: Drake & Scull International (DSI) has turned profitable at AED 115 million during the first quarter (Q1) of 2021, against a net loss of AED 30 million in the same period a year earlier.
The company recorded a 17.9% increase in revenues to AED 46 million in Q1-21 from AED 39 million in Q1-20, according to a press release on Sunday.
DSI’s accumulated losses have shrunk to AED 4.78 billion as registered on 31 March 2021, representing 447% of the capital. The value was lower than the AED 4.9 billion reported on 31 December 2020 and the AED 4.87 billion at the end of September last year.
In 2020, the company achieved a net profit of AED 109.3 million, versus net losses worth AED 87 million in 2019.
Chairman of DSI, Shafiq Abdelhamid, said: “An agreement in principle was reached with a group of the largest lenders in early January 2021, the details of the overall commercial deal were subsequently presented to all creditors at the end of February and early March.”
The deal is expected to be circulated to “all 600 plus creditors very shortly,” Abdelhamid noted.