Press releases, Reports & Disclosures for Drake & Scull International P.J.S.C

On January 16, 2025, the Board of Directors of Drake & Scull International PJSC held their first meeting of the year at the company's offices. During this meeting, the board approved the minutes from their previous meeting and discussed the company's routine and operational matters. The meeting was led by Hamed Ahmed Ali, CEO of the Dubai Financial Market.

Drake & Scull International PJSC (DSI) announced a legal victory as the Dubai Court of Cassation upheld a previous judgment requiring former CEO Khaldoun Rashid Tabari and Saleh Muradweij to jointly compensate the company AED 151,979,857, plus 5% annual interest until full payment. DSI has begun enforcement actions to recover the amount and secured attachments on the defendants' assets. The ruling supports DSI's efforts to protect its interests and shareholder value, allowing the company to focus on strengthening operations and pursuing new projects. DSI is a global leader in delivering projects across sectors such as electromechanical, engineering, and construction for water, power, and oil and gas, with a history of over 135 years.

Drake & Scull International PJSC announced to its shareholders that the Dubai Court of Cassation has rejected all appeals against a prior appellate judgment in the company's favor. The judgment requires Khaldoun Rashid Tabari, the former CEO of Drake & Scull, and Saleh Muradweij to jointly pay AED 151,979,857 as compensation for damages to the company. Additionally, they are required to pay legal interest at a rate of 5% from the date the judgment becomes final until full payment is made. With the rejection of the appeals, the judgment is now final and binding.

Drake and Scull International PJSC (DSI) and El Amar Group have signed a Memorandum of Understanding (MoU) to enhance their strategic collaboration in Egypt and Saudi Arabia. DSI, known for its contracting services in mechanical, electrical, and plumbing (MEP), oil and gas, and water treatment projects, will partner with El Amar Group, a leader in real estate development and infrastructure projects. The agreement focuses on joint exploration of engineering, procurement, and EPC projects, with an emphasis on civil, MEP, and infrastructure contracting, water treatment, and district cooling projects. The collaboration aims to leverage the strengths of both organizations to achieve cost efficiencies, improve operational outcomes, and deliver high-quality projects. The partnership also emphasizes sustainability and innovation, positioning both companies as leaders in their fields. CEOs of both companies expressed optimism about the partnership's potential to drive value and set new benchmarks in their industries.

Drake & Scull International PJSC has scheduled its first Board of Directors meeting for 2025 on Thursday, January 16, at 3:00 PM at the company's offices. The agenda includes reviewing and approving the minutes from the previous meeting and discussing the company's routine and operational matters.

Drake and Scull International PJSC (DSI), a company specializing in mechanical, electrical, and plumbing services, as well as oil and gas and water treatment projects, is actively pursuing growth opportunities in the UAE's infrastructure market and the wider Middle East region. The company is currently involved in various infrastructure and water treatment projects and has submitted bids for projects worth 4 billion dirhams. These efforts are part of DSI's strategy to expand its project portfolio and strengthen its leadership in large-scale infrastructure projects. CEO Muin Al Saleh expressed optimism about the company's growth potential and regional expansion plans. Additionally, DSI's subsidiary secured a 180 million Saudi Riyals contract for a wastewater treatment plant in Saudi Arabia, reinforcing the company's capacity to handle large projects.

Drake and Scull International PJSC (DSI), a company specializing in mechanical, electrical, and plumbing (MEP) contracting services, as well as oil and gas and water treatment projects, has appointed Muin Al Saleh as the new Chief Executive Officer. With over 25 years of experience in engineering, construction, and infrastructure, Mr. Al Saleh is expected to drive operational growth, enhance client satisfaction, and optimize cost management. His leadership aims to strengthen DSI's project delivery capabilities and market position. Mr. Al Saleh expressed his enthusiasm for leading DSI and working with the team to advance projects and achieve company goals. The Board of Directors is confident in his ability to elevate DSI's presence in regional markets.

Drake and Scull International PJSC reported a net profit of AED 5.9 million for the third quarter of 2024, marking a significant improvement from a net loss of AED 34.9 million in the same period last year. The company's revenues grew by 13% to AED 21.5 million, driven by increased activity in India, Romania, and Tunisia. For the first nine months of 2024, Drake and Scull achieved a year-to-date profit of AED 3.8 billion, largely due to a write-back of AED 3.75 billion in liabilities as part of their restructuring process. Earnings per share for this period were AED 1.88, compared to a loss per share of AED 0.18 last year. The restructuring has strengthened the company's financial position, increasing total assets to AED 715.6 million and improving equity to AED 174.1 million, while also reducing debt through the conversion of some obligations into Mandatory Convertible Sukuks.