Latest news with #MuinElSaleh
Zawya
14-05-2025
- Business
- Zawya
DSI's growth strategy drives more increased revenues in Q1-25
Dubai: Drake & Scull International (DSI) turned profitable at AED 2.45 million in the first quarter (Q1) of 2025, AED 39.99 million in Q1-24. Basic earnings per share (EPS) reached AED 0.001 in Q1-25, against a loss per share of AED 0.015 a year earlier, according to the financial results. Revenues from contracts with customers increased to AED 30.36 million as of 31 March 2025 from AED 29.95 million in the year-ago period. DSI closed the quarter with a strong cash position of AED 298.50 million in unrestricted cash, reflecting prudent financial management. The movement in cash during the period was mainly due to strategic investments in property of AED 21.40 million as part of the company's ongoing growth and operational priorities. In the first three months (3M) of 2025, DSI secured a landmark AED 1 billion deal in the UAE, marking a milestone in its operational turnaround and reinforcing its competitive positioning in the market. Muin El Saleh, Group CEO of DSI, said: "The return to profitability underscores our focus on cost discipline, strategic project execution, and value creation for our shareholders. While challenges remain, our liquidity position and recent project awards provide a foundation for recovery." 'The group is cautiously optimistic for the remainder of 2025. With the successful award of major projects, a streamlined cost structure, and stabilized operations, we expect further improvement in financial performance over the coming quarters,' El Saleh added. In 2024, DSI recorded net profits attributable to the shareholders valued at AED 3.74 billion, compared to net losses of AED 368.11 million in 2023.
Arabian Business
13-05-2025
- Business
- Arabian Business
Restructured Drake and Scull International returns to profit for Q1
Drake and Scull International (DSI), which successfully completed a comprehensive restructuring plan approved by the Dubai Court of Appeal, returned to profitability for the first quarter when it recorded net profits amounting to AED2.5 million (US$680,000) for Q1 2025. The Q1 profit compares to a net loss of AED42.5 million (US$11.6 million) in Q1 2024. The restructuring last year had resulted in liabilities write-back of AED3.79 billion (US$1.03 billion) and conversion of AED368 million (US$100 million) liabilities into Mandatory Convertible Sukuks. Revenue remained stable year-on-year, improving marginally from AED30 million (US$8.17 million) to AED30.4 million (US$8.3 million). General and administrative expenses rose to AED11.4 million (US$3.1 million) as against AED8.6 million (US$2.34 million) in Q1 2024, reflecting higher staffing, legal, professional, and business development costs due to the company's growth and compliance activities. Total assets reduced to AED634.3 million (US$172.7 million), down 1.9 per cent from AED647 million (US$176.2 million) in Q1 2024. Drake and Scull International closed the quarter with a strong cash position of AED298.5 million (US$81.3 million) in unrestricted cash, reflecting prudent financial management. The movement in cash during the period was primarily due to strategic investments in property amounting to AED21.4 million (US$5.83 million). Muin El Saleh, Group CEO of Drake and Scull International, commented: 'Q1 results reflect progress in stabilising operations and executing our restructuring plan. The return to profitability underscores our focus on cost discipline, strategic project execution, and value creation for our shareholders. While challenges remain, our liquidity position and recent project awards provide a foundation for recovery. 'The Group is cautiously optimistic for the remainder of 2025. With the successful award of major projects, a streamlined cost structure, and stabilised operations, we expect further improvement in financial performance over the coming quarters.' The 135-year-old Drake and Scull International delivers state-of-the-art projects and solutions across high-performance sectors, including electromechanical, integrated design, engineering, and construction, for water, power and oil and gas sectors and is involved from infrastructure development, waste-to-energy, data centre development, mechanical electrical and plumbing (MEP) to renewable energy.
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
Subsidiary of Drake & Scull wins 169mln dirhams contract
Dubai, UAE – Passavant Energy & Environment Ltd. ('Passavant'), a subsidiary of Drake and Scull International PJSC, announced it has been awarded a major contract by Maharashtra Industrial Township Limited (MITL) for the design, procurement, construction, testing, and commissioning of a 70 million liters per day (MLD) water treatment plant and laying of a 900 mm diameter water pipeline in AURIC Bidkin Industrial Area in Maharashtra, India. The project also includes operation and maintenance (O&M) for 10 years. The contract, valued at approximately AED 169 million was awarded through a competitive tender process. Passavant's proposal was accepted by the competent authority on February 10, 2025, and the company has received the official Letter of Award (LoA). "We are honored to be selected by MITL for this prestigious project," said Mr. Muin El Saleh, CEO of Drake and Scull International PJSC. "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." 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 project is scheduled to be completed within 36 months from the issuance of the LoA. El Saleh also expressed his appreciation for the Passavant team, stating, "I would like to extend my gratitude to the Passavant team for their dedication and expertise in securing this significant project. 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." About Passavant Energy & Environment Ltd. A subsidiary of Drake & Scull International PJSC, Passavant offers a comprehensive range of products and services tailored to meet the diverse needs of its clients. The company's portfolio includes full turnkey EPC contracts and holistic solutions for water and energy re-use, encompassing EPC contracting, operation and maintenance services, and financing. With a global presence, Passavant has established subsidiaries in Europe, the Middle East, North Africa, and Asia, successfully executing projects worldwide, including in North Africa, the UAE, Saudi Arabia, Iraq, Lebanon, Turkey, Europe, China, and Vietnam 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.
