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

Shaji Mathew
Drake & Scull Fires CEO, CFO as It Reports $1.23 Billion Loss

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

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.

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

--With assistance from Rim Oueidat and Abeer Abu Omar.

To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net

To contact the editors responsible for this story: Shaji Mathew at shajimathew@bloomberg.net, Stefania Bianchi

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