Dubai – Mubasher: Drake & Scull International (DSI) swung to net profits amounting to AED 3.78 billion in the first half (H1) of 2024, against net losses worth AED 162.58 million in H1-23.
Revenues increased to AED 50.94 million in H1-24 from AED 45.26 million a year earlier, according to the income statements.
Earnings per share (EPS) hit AED 2.40 in the first six months (6M) of 2024, versus a loss per share of AED 0.15 in H1-23.
Financials for Q2-24
The DFM-listed firm turned profitable at AED 3.83 billion in the second quarter (Q2) of 2024, against net losses valued at AED 43.40 million in Q2-23, while the EPS reached 2.42 when compared to a loss per share of AED 0.04.
The revenues dropped to AED 20.32 million in April-June 2024 from AED 25.55 million a year earlier.
The Chairman of DSI, Shafiq Abdelhamid, commented: “I am pleased to announce the company's return to profitability immediately after the completion of the restructuring plan process, which was full of serious challenges that extended for more than six years.”
Abdelhamid also highlighted that “the company was suffering from catastrophic financial, legal and operational conditions inside and outside the UAE, and we had the courage and transparency in disclosing previous accumulated losses of AED 5.50 billion that almost led to the bankruptcy of the company.”
In Q1-24, DSI reported net losses valued at AED 46.20 million, down YoY from AED 119.17 million.
