Drake & Scull turns profitable in the first half of 2020

– direct: Achieved Drake & Scull Company, Listed on the Dubai Financial Market, a profit of 199.8 million dirhams at the end of the first half of this year, compared to losses of 777.2 million dirhams during the same period in 2019.

According to a statement issued by the company to the Stock Exchange, the reason for achieving profits during the current period is due to the non-recurring profits from excluding a subsidiary company by 353.7 million dirhams compared to nothing during the first half of 2019, in addition to the decrease in general and administrative expenses to 61.8 million dirhams, compared to 586.3 million dirhams during the same period. Period from the previous year.

The profitability shift is attributed to achieving a positive profit margin of 9.2 percent, compared to a negative profit margin of 45.1 percent during the same period due to a decrease in direct costs by about 73 percent compared to the same period last year.

The results for the first half of 2019 included a provision related to loss of control over a subsidiary, amounting to AED 94.3 million.

The company made a profit of 229.6 million dirhams in the second quarter of 2020, compared to a loss of 246.6 million dirhams in the second quarter of 2019.

The company previously announced Converts its financial results to a net profit It amounted to 262 million dirhams by the end of 2019, compared to losses made in the previous year.

Nominations:

Drake & Scull confirms going forward with debt restructuring

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