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DSI Reports the results of its BOD meeting

August 23, 2018
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DSI Reports the results of its BOD meeting
  • The Company appoints Mr. Yousef Al Mulla as the new Group Chief Executive Officer effective 26 August 2018
  • The Company is currently devising a fresh restructuring plan that will carry forward the legacy of the ongoing restructuring and recapitalization drive and ensures the continuity of the Company and its ability to grow and win new business
  • The new plan will be considerate of the rights of all key stakeholders and will be announced in due course
  • The BOD assures shareholders that it is exerting all its efforts and will continue to do so to safeguard the best interests of all its shareholders and to ensure the seamless operation of the Company and its continuity and financial results and the reflection on the return on shareholders’ equity

Financial Highlights

  • H1 2018 Net Loss reported at AED 183 Million
  • The decline in profitability is mainly attributed to cost overruns recorded for non- performing subsidiaries in secondary markets primarily in Oman, Qatar, and Jordan
  • The hike in finance cost (to service projects debt in secondary markets) was another main constituent for the quarterly losses
  • The next phase of the restructuring plan will entail scaling down operations in none core businesses and non-performing business streams and increasing focus on core markets and profitable business streams

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