Drake & Scull International P.J.S.C

Logotype for Drake & Scull International P.J.S.C
Ticker/ISIN
DSI
AED001101016
Market/Country
Dubai Financial Market
United Arab Emirates

About Drake & Scull International P.J.S.C

Country of Origin: United Arab Emirates (U.A.E)

Drake and Scull International PJSC (“the Company” or “the Parent Company”) was incorporated on 16th November 2008 and was registered on 21st January 2009 as a Public Joint Stock Company in accordance with the UAE Federal Law No. 8 of 1984, (as amended). The Company is listed on Dubai Financial Market.

Drake & Scull International PJSC (DSI) is a regional market leader delivering world class quality projects via end to end solutions that provide integrated design, engineering and construction disciplines of General Contracting, Mechanical, Electrical and Plumbing (MEP), Water and Power, Rail, Water and Wastewater Treatment, Waste to Energy and Oil and Gas.

Latest Pressrelease Summaries from Drake & Scull International P.J.S.C

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.
On March 26, 2025, the Board of Directors of Drake & Scull International PJSC held its second meeting of the year. The board approved the previous meeting's minutes, the audited financial results for 2024, and the company's Board of Directors report for 2024. Additionally, they agreed to call the Annual General Assembly meeting, coordinating with the Securities and Commodities Authority to set its agenda.
The second Board of Directors meeting of Drake & Scull International PJSC for the year 2025, scheduled for March 25th at 3:00 PM, was not held due to a lack of quorum. Consequently, the meeting has been postponed to March 26th, 2025, at 3:00 PM at the company's offices.
Passavant Energy & Environment Ltd., a subsidiary of Drake and Scull International PJSC, has been awarded a contract worth approximately AED 169 million by Maharashtra Industrial Township Limited (MITL) to design, build, and maintain a 70 million liters per day water treatment plant and a 900 mm diameter water pipeline in AURIC Bidkin Industrial Area, Maharashtra, India. The contract includes a 10-year operation and maintenance period and was awarded through a competitive tender process. The project is expected to be completed within 36 months from the issuance of the official Letter of Award. CEO Muin El Saleh expressed pride in securing the project, highlighting the company's expertise in water treatment solutions and infrastructure development.

Threads

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From Drake & Scull International P.J.S.C

Disclosure: Press release

Drake & Scull International announced its Q2 2024 financial results, highlighting a net profit of AED 3.79 billion. The company achieved this profit following the completion of a six-year restructuring plan, which included write-offs of debt, legal provisions, and bank interest totaling AED 4.1 billion. Excluding the profit from the restructuring settlement, the company reported a semi-annual net profit of AED 30 million. Additionally, the company's equity improved from a deficit of AED 4.4 billion at the end of 2023 to a positive AED 180 million by June 30, 2024. The Chairman of the Board, Engineer Shafiq Abdelhamid, expressed satisfaction with the company's return to profitability despite facing significant financial, legal, and operational challenges.

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From Drake & Scull International P.J.S.C

Disclosure: Results of BOD Meeting

Date: 29 July 2024 Mr. Hamed Ahmed Ali CEO - Dubai Financial Market Dubai - United Arab Emirates Subject: Board of Directors Meeting Number 6 of 2024 of Drake & Scull International PJSC (the “Company”) The Board of Directors of Drake & Scull International PJSC held its sixth meeting of 2024 on Friday, 26 July 2024, at 3:00 PM at the Company’s offices. The results are as follows: 1. The Board of Directors approved the previous minutes of the meeting. 2. The Board of Directors reviewed and approved the company’s unaudited financial statement for the second quarter of 2024. 3. The Board of Directors discussed routine and operational matters of the Company. Sincerely, Dana Abualghanam Board Secretary

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From Drake & Scull International P.J.S.C

Disclosure: Clarification from the company regarding the accumulated losses

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From Drake & Scull International P.J.S.C

Disclosure: Postponing General Assembly

Date: 24th July 2024 Mr. Hamed Ahmed Ali Chief Executive Officer Dubai Financial Market Dubai - United Arab Emirates Dear Sirs, Subject: Postponement of the Annual General Assembly Meeting of Drake & Scull International P.J.S.C The quorum for the Annual General Assembly Meeting of Drake & Scull International P.J.S.C was not met. Consequently, the meeting has been rescheduled to Tuesday, 30th July 2024 at 3:00 PM at the same location. Sincerely Yours, Dana Abualghanam Board Secretary

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From Drake & Scull International P.J.S.C

Disclosure: BOD meeting

The Board of Directors of Drake & Scull International PJSC will hold its sixth meeting of 2024 on Friday, July 26, 2024, at 3:00 PM at the company's offices. The agenda includes reviewing and approving the previous meeting's minutes, reviewing and approving the unaudited financial statement for the second quarter of 2024, and discussing the company's routine and operational matters. The notice is signed by Shafiq Abdulhamid, Chairman.

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From Drake & Scull International P.J.S.C

Disclosure: Notification from the company regarding the statement issued by the Board of Directors

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From Drake & Scull International P.J.S.C

Disclosure: Nominees for Board of Directors membership

Date: 12 July 2024 Mr. Hamed Ahmed Ali, Chief Executive Officer, Dubai Financial Market, Dubai - United Arab Emirates H.E. Dr. Maryam Buti Al Suwaidi, Chief Executive Officer - Securities and Commodities Authority, Abu Dhabi - United Arab Emirates Subject: Nominees list for the membership of the Board of Directors of Drake and Scull International PJSC (the "Company") The nomination period for the Board of Directors’ membership of Drake and Scull International PJSC closed on Thursday, 11 July 2024. The following individuals have met the nomination requirements for the Board of Directors: 1. H.H. Shaikh Theyab Bin Tahnoon Bin Mohammad Al-Nahyan 2. Dr. Abdul Rahman Mahmoud Al Afifi 3. Mr. Shafiq Abdelhamid 4. Mr. Abdulla Atatreh 5. Mr. Ahmad Kilani 6. Mr. Mustafa Kheriba 7. Mr. Abdulrahman Alali 8. Mrs. Mia Zecevic 9. Mr. Mohamed Aldhaheri 10. Mr. Mohamed Al-Ali 11. Mrs. Khulood Qayed Sincerely, Dana Abualghanam Board Secretary

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From Drake & Scull International P.J.S.C

Disclosure: Notification from the company regarding the opening of nominations for the election of members of the Board of Directors

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From Drake & Scull International P.J.S.C

Disclosure: Invitation of General Assembly

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From Drake & Scull International P.J.S.C

Disclosure: Results of BOD Meeting

1. Attached Document