Connect with us

Construction

Drake & Scull Reports $1.23 Billion Loss; Fires CEO, CFO

du, from Emirates Integrated Telecommunications Company (EITC), has announced that the inaugural Dubai Pulse customer, the Department of Economic Development (DED) in Dubai, has successfully migrated all of their data centers and applications to the cloud-based platform

(Bloomberg) — Drake & Scull International fired its chief executive officer, chief financial officer and chief legal officer as the Dubai-based contracting and engineering firm posted a record loss.

Read: Emirates NBD CFO to Leave

The board approved and ratified to terminate the services of group CEO Tawfiq Abu Soud, CFO Khaled Jarrar and chief legal officer Mohamed Ghanem, according to a statement. The company will be managed by an executive committee until replacements have been found.

Read: Carlos Ghosn Indicted on New Charges

Read: Rethinking What to Wear for Goldman Sachs’s Flexible Dress Code

Drake & Scull, which has been suspended from trading since November, said its loss widened to 4.5 billion dirhams ($1.23 billion) last year from 1.18 billion dirhams. Revenue slumped to 798 million dirhams from 2.64 billion dirhams.

Link to financial statement

drake scull; drake & scull

Published

7 years ago

on

Related Topics:
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Advertisement

Trending