Dubai – Mubasher: Drake & Scull International (DSI) incurred net losses amounting to AED 46.20 million in the first quarter (Q1) of 2024, an annual plunge from AED 119.17 million.
The Q1-24 loss was mainly driven by a net financing cost of AED 39 million that will be reversed back in the accounting books upon completing the restructuring process, according to the interim income statements.
Revenues jumped to AED 30.61 million in Q1-24 from AED 19.70 million in Q1-23, while the basic and diluted loss per share plummeted to AED 0.04 from AED 0.11.
DSI registered total assets valued at AED 358.83 million at the end of March 2023, higher than AED 356.09 million as of 31 December 2023.
The Chief Financial Officer of DSI, said: “We have full trust in all our existing shareholders to subscribe to the new capital raise and the new funds will be utilised in improving the efficiency and effectiveness of the working capital necessary to win new profitable projects in UAE and overseas countries in the future.”
Last year, the company’s net losses attributable to the shareholders increased to AED 352.11 million from AED 224.39 million in 2023.
