Drake & Scull International P.J.S.C

Drake and Scull International PJSC (DSI), known for its contracting services in mechanical, electrical, and plumbing, as well as oil and gas, and water and wastewater treatment projects, has announced its entry into commercial real estate development with its first self-owned project in Dubai. This strategic move involves the acquisition of a prime plot in Majan, Dubai, where DSI plans to develop a mixed-use commercial building. This project signifies DSI's diversification beyond its core business, aiming to leverage its industry expertise to create lasting assets and secure new revenue streams. CEO Muin El Saleh emphasized that this development marks a transformative step for DSI, aligning with its vision to evolve with the market and contribute to Dubai's urban growth. This project is the beginning of DSI's new strategic direction towards becoming a more diversified enterprise.

Drake and Scull International PJSC (DSI), a company specializing in mechanical, electrical, and plumbing contracting services, as well as oil and gas and water treatment projects, has appointed Khalid Sukhon as Group Chief Financial Officer and Ahmed El-Bayouk as Group General Counsel and Head of Legal. These appointments are part of DSI's strategy to enhance its financial and legal frameworks for long-term growth. Khalid Sukhon, with over 25 years of experience, previously worked at National Bonds Corporation and has held senior positions at various organizations. He holds degrees from the University of Exeter and the University of Jordan. Ahmed El-Bayouk comes from Dentons & Co., where he was involved in construction, engineering, and disputes.

Drake and Scull International PJSC (DSI) reported a net profit of AED 2.5 million for the first quarter of 2025, marking a return to profitability from a net loss of AED 42.5 million in the same period of the previous year. The company's revenue for Q1 2025 was AED 30.4 million, slightly up from AED 30.0 million in Q1 2024, while gross profit decreased to AED 2.2 million from AED 2.6 million. Total assets stood at AED 634.3 million, and total equity was AED 145.6 million as of March 31, 2025. Revenue stability was attributed to wastewater and water treatment projects in markets like India, Romania, Tunisia, and Jordan. General and administrative expenses increased to AED 11.4 million due to higher staffing and other costs. DSI maintained a strong cash position of AED 298.5 million, with cash movements mainly due to strategic property investments of AED 21.4 million.

On April 30, 2025, the General Assembly Meeting of Drake and Scull International PJSC was held at The H Hotel in Dubai at 5:00 pm. The meeting was chaired by the Vice Chairman, Mr. Abdulla Atatreh. Mr. Fadi Mohammad was appointed as the meeting rapporteur, and Mr. Yousef Qaren as the vote collector. The majority of shareholders ratified the Board of Directors’ report concerning the company's activities and financial position for the fiscal year ending December 31, 2024.

Passavant Energy & Environment Ltd., a subsidiary of Drake and Scull International PJSC, has secured a contract to design, construct, and operate the North Balqa Wastewater Treatment Plant in Jordan. The project, valued at JOD 41.5 million (approximately AED 215 million), is funded by the Agence Française de Développement and the European Union’s Neighborhood Investment Platform. It aims to improve wastewater infrastructure in the Balqa Governorate, with an initial treatment capacity of 36,000 cubic meters per day, eventually reaching 54,000 cubic meters daily. The facility will also convert waste into electrical energy, aligning with Jordan's sustainability goals. The project includes design, equipment supply, testing, commissioning, and a year of operation and maintenance. Key features include a wastewater treatment plant, pumping station, effluent treatment units, sludge treatment tanks, pipelines, and an odor control system, with treated water being transferred to the King Talal Dam for agricultural use.

Drake & Scull International (PJSC) is inviting its shareholders to the Annual General Assembly Meeting on April 25, 2025, at The H Dubai Hotel. The agenda includes authorizing meeting officials, reviewing and approving financial reports for 2024, discussing dividend proposals, board remuneration, and potential liability absolution for board members and auditors. Other items include appointing auditors for 2023, reclassifying legal reserves, granting a loan to a subsidiary, and amending the company's articles of association. Shareholders must register electronically to attend and vote, with options to participate in person or virtually. Proxies and corporate representation are allowed under specific conditions. The meeting requires a quorum of at least 50% shareholder representation, with a second meeting scheduled if necessary. Financial statements and governance reports are available on the company's website.

Drake and Scull International PJSC (DSI), a company specializing in mechanical, electrical, and plumbing contracting services, as well as oil and gas, and water treatment projects, reported a significant financial turnaround for the year ending December 31, 2024. The company achieved a net profit of AED 3.76 billion, reversing a net loss of AED 367 million from the previous year. This improvement was attributed to a successful restructuring plan and capital injection. Key financial highlights include a 20% revenue increase to AED 103.7 million, gross profit growth to AED 5.3 million, and a rise in total assets to AED 647 million. Shareholder equity improved to AED 151.7 million, and earnings per share reached AED 1.685. Strategic achievements included a comprehensive restructuring plan approved by the Dubai Court of Appeal, a capital raise of AED 454 million, new project contracts worth AED 1 billion, and operational efficiencies that reduced finance costs.

The text refers to the consolidated financial statements of Drake and Scull International (P.J.S.C.) and its subsidiaries for the year ending December 31, 2024.