DUBAI: Dubai’s Drake & Scull (DSI) posted a 61 percent fall in first-quarter net profit , extending an earnings slump as its revenue declined.
The contractor made a net profit attributable to shareholders of AED9.8 million ($2.67 million) in the three months to March 31, it said in a statement. This compares with a profit of AED25.1 million in the year-earlier period.
EFG Hermes forecast DSI would make a quarterly net profit of AED20.1 million.
DSI had reported worsening earnings in seven of the preceding eight quarters, a slump it blamed on a slowdown in the Gulf construction sector. This included a substantial loss in the third quarter of 2015 due to provisioning.
DSI’s first-quarter revenue was AED1.03 billion, down 7.2 percent from AED 1.11 billion a year earlier. Costs shrank by a smaller margin, falling 5.1 percent to AED956.1 million.
Last week, the firm announced the appointment of two senior executives as it sought to overcome challenging market conditions.
Wael Allan has been appointed as the group’s new chief operating officer while Kailash Sadangi has been named chief financial officer with immediate effect, the contracting giant said in a statement.
Both will report directly to Khaldoun Tabari, CEO and vice-chairman of Drake & Scull International.
The company said the appointments reflect DSI’s “strategic initiatives and operational focus in light of the challenging market conditions across the region.”
Dubai’s Drake & Scull Q1 net profit slumps 61%
Dubai’s Drake & Scull Q1 net profit slumps 61%
Closing Bell: Saudi main index extends gains as market opens wider to foreign investment
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.
The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.
The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.
The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.
The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.
Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.
On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.
Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.
On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.
In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”
The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.
“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.
RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.
