Latest news with #DrakeScullInternational
Gulf Business
3 days ago
- Business
- Gulf Business
Drake & Scull posts sharp profit drop but wins major contracts
Drake & Scull International (DSI) has reported a sharp drop in profitability for the first half of 2025, posting a net profit of Dhs6.5m compared to Dhs3.8bn in the same period last year. The prior-year result was heavily boosted by a one-time gain linked to the company's agreed restructuring plan. 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. Read: 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.
Zawya
4 days ago
- Business
- Zawya
Drake & Scull secures $381mln in new contracts, enters Dubai commercial real estate
DFM-listed Drake & Scull International (DSI) announced on Tuesday that it has secured 1.4 billion UAE dirhams ($381 million) worth of new projects in the first half of 2025. These include a landmark AED 1 billion contract in the UAE, the AED 215 million North Balqa Wastewater Treatment Plant in Jordan, and a AED 169 million water treatment facility in Maharashtra, India. In the first half, the UAE-headquartered mechanical, electrical, and plumbing (MEP) specialist also announced its strategic entry into Dubai's commercial real estate sector with the purchase of a prime plot in Majan to develop its first self-owned office building. DSI posted a 57 percent year-on-year revenue increase of AED 77.9 million for the six months ended 30 June 2025. Gross profit rose 59 percent to AED 5.9 million, while net profit stood at AED 6.5 million, compared with AED 3.8 billion in H1 2024, when results were boosted by a one-off restructuring gain. General and administrative expenses rose to AED 24.5 million from AED 21.2 million due to higher legal, professional, and business development costs. Total assets were AED 629.5 million at the end of June, slightly lower than year-end 2024, while total equity increased to AED 158.4 million. Cash and bank balances stood at AED 309.2 million. However, interim condensed consolidated financial statements posted on DFM noted that accumulated losses exceeded 50 percent of share capital and that the group generated negative operating cash flows of AED 61.8 million in the first half. Group CEO Muin El Saleh said the contract awards provide a solid foundation for the second half of the year. 'We remain focused on delivering quality projects, optimisng our operations, and creating sustainable value for our shareholders,' he said. (Writing by SA Kader; Editing by Anoop Menon) (
