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Dubai-listed contractor Drake & Scull (DSI) has announced a loss of AED 46 million ($12.5 million) for Q1 2024 as it reaches the end of its subscription period prior to its planned resumption of Dubai Financial Market (DFM) trading.
Losses narrowed from (AED 119 million) in Q1 2023, and the company posted revenue of AED 30.6 million, up from AED19.7 million for the equivalent quarter last year.
In a bourse filing, DSI attributed the Q1 loss to financing costs of AED 39 million, which it said will be ‘reversed back’ in the accounting books after restructuring is complete.
DSI is holding an IPO subscription open to existing shareholders that closes Friday, and said it has ‘full trust in all our existing shareholders to subscribe in the new capital raise’.
The company is planning to return to DFM following five years suspended due to restructuring.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
