Drake & Scull posts sharp profit drop but wins major contracts
The MEP, oil and gas, and water and wastewater treatment contractor saw revenue climb 57 per cent year-on-year to Dhs77.9m, supported by project momentum in India, Tunisia, Romania, and Jordan. Gross profit rose to Dhs5.9m, up from Dhs3.7m a year earlier, on the back of improved cost management and execution.
Despite the top-line growth, general and administrative expenses increased to Dhs24.5m from Dhs21.2m, driven by higher legal, professional, and business development costs. Total assets declined 2.7 per cent to Dhs629.5m as of 30 June 2025, while total equity rose 4.4 per cent to Dhs158.4m. Cash and bank balances stood at Dhs309.2m.
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Muin El Saleh, group CEO of Drake & Scull International, said: 'Our performance in the first half of 2025 reflects the successful execution of our strategic priorities. The 57 per cent revenue growth demonstrates our ability to capitalize on opportunities in our core markets while maintaining disciplined cost management. We are particularly proud of our recent project awards, which include a landmark Dhs1bn contract in the UAE, the North Balqa Wastewater Treatment Plant in Jordan (Dhs215m), and a water treatment plant in Maharashtra, India (Dhs169m). These achievements showcase our diversified capabilities and strong market position across multiple sectors and geographies.'
He added: 'The strong momentum from these significant wins provides a solid foundation for the second half of the year. We remain focused on delivering quality projects, optimizing our operations, and creating sustainable value for our shareholders.'
The results underline the impact of last year's restructuring windfall on DSI's bottom line, with the latest figures reflecting a more normalized earnings profile. The company continues to pursue its recovery strategy, securing new project awards while navigating higher operating costs and the legacy of its restructuring process.
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