Latest news with #DrakeandScullInternationalPJSC
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.
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.
Zawya
24-02-2025
- Business
- Zawya
Drake and Scull wins major contracts exceeding AED 1bln for iconic Arabian Hills Project
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, is pleased to announce it has secured two major contracts for the highly anticipated Arabian Hills Project, with a combined value exceeding AED 1 billion. This landmark achievement further solidifies the company's position as a trusted leader in delivering large-scale, high-impact developments. The Arabian Hills Project is set to redefine modern living and infrastructure standards in the region. Spanning a massive 224 million square feet area, the project integrates cutting-edge design, sustainable construction practices, and world-class amenities, establishing a new benchmark in luxury residential and commercial development. Drake & Scull International's expertise in project management and innovative engineering solutions played a pivotal role in securing these prestigious contracts. The two contracts encompass: Infrastructure works contract for Area 10 (Sun Valley) and power works, street lighting, and contingencies for Services Authority Works, valued at AED 452,852,000. Infrastructure works in Area 05 (Park Vista) and power works, street lighting, contingencies for Services Authority Works, and the construction of a Sewage Treatment Plant, with a total value of AED 557,809,000. The awarded infrastructure work, set to commence immediately, will involve the use of advanced construction methods and a highly skilled workforce to ensure timely delivery and exceptional quality. "These contracts represent a significant milestone in our journey towards growth and excellence. Our winning of these vital projects in the "Arabian Hills" development reflects our unique capabilities, our commitment to high quality standards, and our success in executing major projects. It also reflects our clients' confidence in us as a strategic partner in developing sustainable urban environments. These contracts are part of a large portfolio of projects that we are currently working on, in addition to numerous tenders that we are competing for in various sectors. We are optimistic that these projects will contribute to strengthening our position in the market and expanding our business portfolio in the coming years" said Muin El Saleh, CEO of Drake & Scull International. This significant win comes at a time of renewed momentum for DSI, following a successful restructuring and liquidity injection that has fortified the company's financial standing and operational capacity. With a robust pipeline of projects, including bids worth billions across diverse sectors such as infrastructure, MEP, and wastewater treatment, DSI is well-positioned for sustainable growth and long-term success. Salem Al Muheiri, Managing Director of Arabian Hills Investment and Real Estate Development, said: 'The Arabian Hills Project is a transformative development that embodies our commitment to delivering exceptional communities where innovation, sustainability, and modern living come together. This project represents an important step in redefining the standards of integrated residential and commercial spaces in the region.' 'We are pleased to have Drake & Scull International as our main contractor for the awarded contracts. Their proven track record in delivering large-scale, high-value developments gives us the utmost confidence that Arabian Hills will be completed to the highest standards of quality, on schedule, and with meticulous attention to detail.' He added. Drake & Scull International's announcement of this monumental achievement underscores its commitment to driving excellence and innovation in the construction and engineering sectors. The Company will continue to deliver impactful projects that contribute to the UAE's vision of sustainable and innovative urban development. 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.
Emirates 24/7
24-02-2025
- Business
- Emirates 24/7
'Drake and Scull' Wins Major Contracts Exceeding AED 1 billion for Iconic Arabian Hills Project
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, is pleased to announce it has secured two major contracts for the highly anticipated Arabian Hills Project, with a combined value exceeding AED 1 billion. This landmark achievement further solidifies the company's position as a trusted leader in delivering large-scale, high-impact developments. The Arabian Hills Project is set to redefine modern living and infrastructure standards in the region. Spanning a massive 224 million square feet area, the project integrates cutting-edge design, sustainable construction practices, and world-class amenities, establishing a new benchmark in luxury residential and commercial development. Drake & Scull International's expertise in project management and innovative engineering solutions played a pivotal role in securing these prestigious contracts. The two contracts encompass: Infrastructure works contract for Area 10 (Sun Valley) and power works, street lighting, and contingencies for Services Authority Works, valued at AED 452,852,000. Infrastructure works in Area 05 (Park Vista) and power works, street lighting, contingencies for Services Authority Works, and the construction of a Sewage Treatment Plant, with a total value of AED 557,809,000. The awarded infrastructure work, set to commence immediately, will involve the use of advanced construction methods and a highly skilled workforce to ensure timely delivery and exceptional quality. "These contracts represent a significant milestone in our journey towards growth and excellence. Our winning of these vital projects in the "Arabian Hills" development reflects our unique capabilities, our commitment to high quality standards, and our success in executing major projects. It also reflects our clients' confidence in us as a strategic partner in developing sustainable urban environments. These contracts are part of a large portfolio of projects that we are currently working on, in addition to numerous tenders that we are competing for in various sectors. We are optimistic that these projects will contribute to strengthening our position in the market and expanding our business portfolio in the coming years" said Muin El Saleh, CEO of Drake & Scull International. This significant win comes at a time of renewed momentum for DSI, following a successful restructuring and liquidity injection that has fortified the company's financial standing and operational capacity. With a robust pipeline of projects, including bids worth billions across diverse sectors such as infrastructure, MEP, and wastewater treatment, DSI is well-positioned for sustainable growth and long-term success. Salem Al Muheiri, Managing Director of Arabian Hills Investment and Real Estate Development, said: 'The Arabian Hills Project is a transformative development that embodies our commitment to delivering exceptional communities where innovation, sustainability, and modern living come together. This project represents an important step in redefining the standards of integrated residential and commercial spaces in the region.' 'We are pleased to have Drake & Scull International as our main contractor for the awarded contracts. Their proven track record in delivering large-scale, high-value developments gives us the utmost confidence that Arabian Hills will be completed to the highest standards of quality, on schedule, and with meticulous attention to detail.' He added. Drake & Scull International's announcement of this monumental achievement underscores its commitment to driving excellence and innovation in the construction and engineering sectors. The Company will continue to deliver impactful projects that contribute to the UAE's vision of sustainable and innovative urban development. Follow Emirates 24|7 on Google News.
