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Dubai / emirates business
Drake & Scull International PJSC (DSI) announced its preliminary un-audited financial results for the fiscal year 2015 ended December 31. DSI continued to execute its projects on schedule and reported revenue of AED 1.4 billion in Q4 2015 compared to AED 1.1 billion reported for the same period last year.
DSI normalized its profitability following the Q3 2015 one-off provisions and reported a net profit of AED 14.7 million in Q4 2015 as compared to AED 3.8 million reported during the same period last year. The group’s results for the fiscal year 2015 were affected by the unprecedented measures undertaken in Q3 2015 in response to the challenging market conditions, leading to the adoption of a conservative approach towards the company’s financial position in relation to its exposure on certain projects.