time to read 3 minutes

Drake & Scull made it through the year profitableMENA

Drake & Scull made it through the year profitable

Dubai’s Drake & Scull (yes, there is more than one Drake in the world) managed to hit the profit mark at the end of a year that was anything but easy-peasy for the contractor.

Profit from continuing operations fell by 45% in 2020, which reflects the negative effects of the pandemic in the sectors in which Drake & Scull operate, from rail and infrastructure. However, the company earned Dh354m after disposing one of its subsidiaries, allowing them to report a net profit of Dh109m last year. This is a turnaround for the company, as it reported a loss of Dh87m the year before.

why it matters
It is pretty impressive that Drake & Scull managed to swing back to profit in a year marked by so many regional losses. After a couple of turbulent years, last year's financials will improve the company's likelihood of extending payment schedules from banks and other creditors.