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Zawya
27-03-2025
- Business
- Zawya
Drake and Scull achieves major turnaround: AED 3.76bln profit
Dubai, UAE – Drake and Scull International PJSC (DSI), specializing in contracting services for mechanical, electrical, and plumbing (MEP), as well as oil and gas, water and wastewater treatment projects, announced its financial results for the year ended December 31, 2024, reflecting a significant turnaround in profitability following the successful implementation of its restructuring plan. Key Financial Highlights: Revenue: AED 103.7 million, up from AED 86.3 million in FY 2023, marking a 20% growth. Gross Profit: AED 5.3 million, an improvement from AED 5.1 million in the previous year. Net Profit: AED 3.76 billion, compared to a net loss of AED 367 million in FY 2023. Total Assets: Increased to AED 647 million from AED 315.4 million in FY 2023. Shareholder Equity: Improved to AED 151.7 million, reversing a previous deficit of AED 4.4 billion. Earnings Per Share: AED 1.685, compared to a loss of AED 0.343 per share in the previous year. Strategic and Operational Achievements: Restructuring Success: DSI completed a comprehensive restructuring plan, approved by the Dubai Court of Appeal, resulting in a liabilities write-back of AED 3.79 billion and conversion of AED 368 million liabilities into Mandatory Convertible Sukuks. Capital Injection: Successfully raised AED 454 million through a share capital issuance, strengthening the company's liquidity position. New Project Wins: Awarded contracts worth AED 1 billion in the UAE, reinforcing its market presence and future revenue stream. Operational Efficiencies: Continued implementation of cost optimization strategies, leading to a reduction in finance costs and enhanced profitability. Financial Performance For the year ended December 31, 2024, DSI reported revenue from contracts with customers of AED 103.7 million, an increase compared to AED 86.3 million in the previous year. The company's gross profit also increased to AED 5.3 million, compared to AED 5.1 million in the prior year. The Group's profit for the year was AED 3.76 billion, a substantial improvement from the loss of AED 367 million reported in the previous year. This resulted in basic earnings per share of AED 1.685, compared to a loss per share of AED (0.343) in the previous year. Commenting on these results, His Highness Sheikh Theyab bin Tahnoun bin Mohammad Al Nahyan, Chairman of the Board of Directors of DSI, said: '2024 marks a new chapter for DSI, as we successfully navigated one of the most significant restructurings in the industry. Our commitment to financial discipline and strategic realignment has positioned us for long-term success. With a strengthened balance sheet and a clear growth strategy, we are confident in delivering sustained value to our shareholders.' H.H. Sheikh Theyab added: 'The remarkable financial turnaround we achieved in 2024 is a testament to the success of our restructuring efforts and the unwavering support from our shareholders and stakeholders. The strategic debt reduction and fresh capital injection have strengthened our balance sheet, enabling us to focus on sustainable growth. We are now well-positioned to capitalize on emerging opportunities in the MENA region and beyond, as we continue to execute our growing pipeline of infrastructure and construction projects.' Outlook for 2025: 'As we look ahead to 2025, DSI embarks on a new era of stability and growth. With restructuring behind us, our focus is now on execution—delivering exceptional projects, rebuilding trust with our clients, and creating sustainable value for our shareholders. The AED 1 billion project award is a testament to the market's renewed confidence in DSI, and we see it as the first of many opportunities as we reenergize our business development pipeline. The UAE and broader GCC's infrastructure investment plans align seamlessly with our core strengths in engineering, construction, and specialized contracting. With a leaner structure and a strengthened balance sheet, we are well-positioned to capitalize on emerging opportunities and drive long-term success. 2025 will be a year of transformation and progress, as we reaffirm our commitment to excellence, innovation, and contributing to the region's ambitious development goals.' H.H. Sheikh Theyab concluded. About Drake and Scull International PJSC Drake & Scull International PJSC (DSI) is a global industry leader delivering state-of-the-art projects and solutions across its high-performance sectors including electromechanical, integrated design, engineering, and construction, for water, power and oil and gas sectors. Through our operations, we provide integrated design, smooth functionality, and efficiency from start to finish. From Infrastructure Development, Waste to Energy, Data Centers Development, Mechanical Electrical and Plumbing (MEP) to Renewable Energy. DSI continues to be at the helm, driving the market forward through our people, passion, and innovation for more than 135 years.
Gulf Today
20-03-2025
- Gulf Today
Man jailed for possessing, abusing heroin in Dubai
Dubai Court of Appeal upheld the first-instance court's ruling, sentencing an Asian national to three months in jail, confiscating the narcotics found in his possession, and ordering his deportation after serving his sentence. The suspect was convicted of possessing 89 grammes of heroin with the intent to use. The case dates back to January 2023 when the General Department of Anti-Narcotics received reliable information that a suspect residing in Al Satwa area, using narcotics and psychotropic substances, and in possession of a quantity of them. A police man stated in the interrogations that he, along with a team from the General Department of Anti-Narcotics, rushed to the suspect's residence in Al Satwa, where he was arrested. A search of his residence revealed 3 packets containing heroin, and he was then taken to the Anti-Narcotics Department. The report of the General Department of Criminal Evidence and Criminology confirmed that the seized items included 6 tin foil packets containing 89 grammes of heroin and various narcotics. The suspect's sample test also was found to be containing narcotics. On being questioned, the suspect admitted to possessing heroin and other narcotics for personal use, stating that he obtained the drugs from a compatriot he knew via WhatsApp, and who used to send him coordinates to collect the drugs and receive payment through bank transfers.
Gulf Today
17-03-2025
- Gulf Today
Dubai Court of Appeal upholds life sentence for drug smuggler
Mohammed Yaseen, Staff Reporter Dubai Court of Appeal upheld a verdict issued by the Court of First Instance sentencing an Asian drug smuggler to life in prison after being convicted of importing and possessing 5.3 kilograms of cocaine. The case dates back to July 2022, when a customs inspector suspected the defendant while he was in the transit area coming from a South American country through a European country and stopping in Dubai. The customs inspector reported that he noticed signs of stress and confusion on the defendant, who attempted to avoid inspection points and was carrying a suitcase that aroused his suspicions. The inspector stated in the interrogations that he asked the defendant to examine the suitcase and inquired about why he was nervous. The defendant replied that the suitcase contained valuables belonging to someone else and he was afraid to pay the taxes due on them, he said. The defendant indicated that he came from a South America country through a European airport and was waiting to board a flight home, he added. The inspector said that after he placed the suitcase through an X-ray baggage scanner, he noticed that there was something abnormal inside. After inspecting the contents, he found cocaine and also found an additional quantity expertly hidden inside a plastic bag, the inspector said. A report was filed accordingly and the defendant and the seized items were handed over to the police. The report of the Forensic Chemistry Department at the General Department of Criminal Science and Criminology at Dubai Police confirmed that the seized items were white powder of cocaine weighing 5.3 kilograms, a narcotic substance listed in schedule no. 1 according to the federal decree law. On interrogation, the defendant denied any knowledge of the drugs inside the suitcase, pleading that he had received them from an unknown person in South America to deliver them to another person in his home country for $500. According to the court, death penalty should be legally prescribed for the crime charged against the defendant. According to judicial procedures, however, verdicts are issued by a majority vote of the court. If unanimity is not achieved, the death penalty is replaced by life imprisonment. Due to the lack of unanimity among the judges, the Court of First Instance issued its life sentence and the Court of Appeal upheld the verdict.
Gulf Today
11-03-2025
- Gulf Today
Dubai Court of Appeal upholds punishment of man over fraudulently selling a mobile phone
Dubai Court of Appeal upheld a verdict issued by Dubai Court of First Instance fining an Arab Dhs1,000 for swindling the same amount of the fine from an employee in collaboration with another man. The defendant defrauded the victim with an advertisement for selling a phone in installments posted on Instagram. The case dated back to July last year when an Arab reported to the police that he had been defrauded. He explained that he communicated with the advertiser, who asked him to transfer Dhs1,000 as a down payment of the mobile phone price amounting to Dhs5,000, provided that the remaining amount would be paid in installments over four months. The victim stated in the interrogations that the defendant promised him to send the mobile phone immediately after the down payment was received. However, after transferring the amount to the given bank account, he waited for the mobile phone but he never received it, he said. He tried to communicate with the defendant but the latter blocked him and consequently he told the police accordingly, he added. A policeman stated in the interrogations that a team of detectives managed to identify and subsequently arrest the bank account holder. On interrogation, the defendant denied any connection to the fraud, pleading that an unknown man posted an advertisement on social media to hire an employee and that after communicating with the unknown man and submitting his CV, he received a job offer. According to the defendant's statement, he was asked to use his bank account to receive money and transfer the same to crypto-currency accounts in exchange for a commission. The defendant confirmed that he carried out several operations without realizing the nature of the money or if it was illegal.
