Dubai-based contractor Drake & Scull International (DSI) reported a loss of AED 36.6 million for the second quarter of 2022, as accumulated losses grew to AED 4.96 billion, up AED 4.82 billion year-on-year.

The company is awaiting court approval to implement a restructuring plan according to its chairman Eng. Shafiq Abdelhamid, who said the next court hearing was to take place on September 5. 

This quarter’s loss marginally decreased YoY from AED 37.8 million in 2021. The company posted a loss of AED 83.3 million for the first half of 2022, down from AED 77.5 million YoY.

Revenue for Q2 2022 was AED 21.2 million, down from AED 35.9 million YoY, and AED 45 million for the first half of the year, down YoY from AED 81.8 million.

The company said total negative equity increased to AED 3.97 billion, up from AED 3.83 billion for the same period in 2021.

“Once the procedures for the application submitted to the court are completed, the rest of the procedures agreed upon in the plan will be completed, including raising the company's capital and submitting a request to return the company’s shares to trade in the Dubai Financial Market,” Abdelhamid said. 

“We will continue to make all possible efforts to ensure that DSI PJSC shares will resume trading on the Dubai Financial Market after the completion of the restructuring.” 

DSI has endured several years of losses and said it had completed a restructuring plan in March.

The restructuring however, followed bitter recriminations between the company and former management.

(Writing by Imogen Lillywhite; editing by Seban Scaria)