Latest news with #DrakeandScullInternational
Arabian Business
13-08-2025
- Business
- Arabian Business
Drake and Scull reports $1.77mn net profit as H1 revenue up 57% to $21.2mn
Drake and Scull International (DSI) continued to trend in the right direction following its financial overhaul, reporting a net profit of AED 6.5 million (US$1.77 million) for the first six months (H1) of 2025. The company had declared a net profit of AED 3.8 billion in H1 2024, but that was driven by the court-agreed restructuring adjustments. In H1 2025, the company reported revenue of AED 77.9 million (US$21.2 million), up 57 per cent YoY from AED 49.7 million (US$13.53 million) in the same period last year. Gross Profit was AED 5.9 million (US$1.61 million), up 59 per cent YoY from AED 3.7 million (US$1.01 million). The increased revenue for H1 2025 was driven by strong performance in wastewater and water treatment projects across key markets, including India, Tunisia, Romania, and Jordan. During the first half of 2025, DSI continued to implement its restructuring plan, including offsetting a portion of the accumulated losses against the statutory reserve. General and administrative expenses were AED 24.5 million (US$6.67 million), primarily due to higher legal and professional fees, and business development costs. The company maintained a healthy liquidity position with cash and bank balances of AED 309.2 million (US$84.2 million), ensuring operational flexibility. Muin El Saleh, Group CEO of Drake & Scull International, commented: '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 capitalise on opportunities in our core markets while maintaining disciplined cost management. 'We are particularly proud of our recent project awards, which include a landmark AED 1 billion contract in the UAE, the North Balqa Wastewater Treatment Plant in Jordan (AED 215 million), and a water treatment plant in Maharashtra, India (AED 169 million). These achievements showcase our diversified capabilities and strong market position across multiple sectors and geographies. '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, optimising our operations, and creating sustainable value for our shareholders.' During H1 2025, DSI strengthened its operational base and market presence by advancing multiple international projects and actively pursuing new bidding opportunities across the Middle East, Asia, and Africa. The company also made a strategic entry into Dubai's commercial real estate sector by purchasing a prime piece of land in Majan to build its first self-owned commercial building in Dubai.
Arabian Business
30-04-2025
- Business
- Arabian Business
Drake & Scull subsidiary wins $58.5mn wastewater treatment project in Jordan
Passavant Energy & Environment, a subsidiary of Dubai Financial Market-listed Drake and Scull International, has been awarded the contract for the design, construction, and operation of the North Balqa Wastewater Treatment Plant in the Hashemite Kingdom of Jordan. The North Balqa project will significantly enhance wastewater treatment infrastructure in the north-eastern Balqa Governorate. Once fully operational, the facility will have a treatment capacity of 54,000 cubic meters per day, with the first phase delivering a daily capacity of 36,000 cubic meters. The North Balqa project scope includes design and engineering; supply and delivery of equipment; testing and commissioning; and one year of operation and maintenance that will follow the first phase. The Water Authority of Jordan (WAJ), chose Passavant for the project, which is valued at JOD41.5 million (approximately AED215 million/US$58.5 million). The project is financed by the Agence Française de Développement (AFD) and the European Union's Neighborhood Investment Platform (EU-NIP). It will feature cutting-edge technology to convert waste into electrical energy, reinforcing Jordan's long-term sustainability and energy efficiency objectives. Muin El Saleh, Group CEO of Drake & Scull International, commented: 'This project reflects our commitment to driving environmental sustainability through innovation. With a proven track record in executing water and wastewater projects across Asia, Africa, and Europe, Passavant brings global expertise to this vital initiative.' The project includes an integrated wastewater treatment plant, a terminal pumping station, effluent treatment units, sludge treatment tanks, water distribution pipelines, and an advanced odour control system. The treated effluent will be transferred to the King Talal Dam, supporting agricultural reuse in the Jordan Valley. Mokhtar Haddad, Director of Passavant Energy & Environment, added: 'Being selected as the main contractor for this strategic project is a testament to Passavant's global reputation for excellence in water and wastewater treatment solutions. 'This award reflects our unwavering commitment to engineering innovation, operational reliability, and environmental stewardship. We are proud to contribute to Jordan's national goals of sustainable resource management and look forward to delivering a facility that sets new benchmarks for efficiency, resilience, and long-term impact.'
Trade Arabia
19-03-2025
- Business
- Trade Arabia
Drake & Scull unit wins India water treatment plant contract
Passavant Energy & Environment, a German subsidiary of UAE-based Drake and Scull International (DSI), has announced that it has secured a major contract for a 70 million liters per day (MLD) water treatment plant in Maharashtra, India. The contract awarded by Maharashtra Industrial Township Limited (MITL) will Passavant provide the design, procurement, construction, testing and commissioning services for the key facility located in AURIC Bidkin Industrial Area in the western state. The scope of work also includes laying of a 900 mm diameter water pipeline as well as operation and maintenance (O&M) of the water treatment plant and pipeline for 10 years. The contract, valued at AED169 million ($46 million) was awarded through a competitive tender process. "We are honored to be selected by MITL for this prestigious project," remarked Muin El Saleh, the CEO of Drake and Scull International. "This contract is a testament to our expertise and experience in delivering high-quality water treatment solutions. We look forward to working closely with all stakeholders to ensure the successful completion and long-term operation of this facility," he stated. The project is scheduled to be completed within 36 months from the issuance of the LoA. Lauding the Passavant team, El Saleh said: "Their proven capabilities in water and wastewater treatment, infrastructure development, and sustainable engineering solutions continue to strengthen our position as a leading provider of environmental and infrastructure solutions."
Zawya
19-03-2025
- Business
- Zawya
Drake & Scull unit wins $46mln water treatment plant contract in India
Passavant Energy & Environment, the German subsidiary of DFM-listed Drake and Scull International, has won a contract worth 169 million UAE dirhams ($46.02 million) from Maharashtra Industrial Township Limited (MITL) to build a 70 million litres per day water treatment plant. The scope also includes laying a 900 mm diameter water pipeline in AURIC Bidkin Industrial Area in Maharashtra, India, Drake and Scull said in a stock exchange statement on Wednesday. The project scope includes the complete design, engineering, procurement, construction, installation, testing, and commissioning of the water treatment plant and pipeline, as well as 10 years of operation and maintenance. The work is slated for completion within 36 months from the issuance of the letter of award. (Writing by P Deol; Editing by Anoop Menon) (
Zawya
03-03-2025
- Business
- Zawya
Drake and Scull to complete Arabian Hills contracts by 2027-end
Dubai-listed Drake and Scull International (DSI) intends to complete two major contracts with a combined value exceeding 1 billion UAE dirhams ($272 million) for the Arabian Hills project by the end of 2027. The contracting company expects to achieve a profit margin of 8 to 10 percent, while revenues will be recognised based on the percentage of completion during the project execution period, it said in a statement published on the Dubai Financial Market on Monday. The company clarified that the projects will be financed through its cash resources and available bank facilities. Last month, CEO Muin El Saleh said the contracts are part of a large portfolio of projects the company is currently working on, in addition to numerous tenders reaching completion in various sectors. The AED 22 billion ($6 billion) Arabian Hills Estate project, launched last year, is located on the Dubai - Al Ain Road and comprises 14 phases spread over 244 million square feet. (Writing by P Deol; Editing by Anoop Menon) (
