Drake & Scull International P.J.S.C

Drake & Scull International PJSC (DSI), a leader in integrated design, engineering, and development, announced its Q1 2024 financial results. The company reported a gross profit of AED 1.3 million, up from AED 1.1 million in Q1 2023. Revenue was AED 31 million, a significant increase from AED 20 million in the same period the previous year. However, the company recorded a net loss of AED 46 million, an improvement from a net loss of AED 119 million in Q1 2023. The loss was attributed to a net financing cost of AED 39 million, which is expected to be reversed upon successful completion of a restructuring process. DSI's group backlog was AED 589 million, driven by ongoing operations in overseas countries. The company's CFO announced that a restructuring process is underway and a new IPO subscription for existing shareholders has begun, with the new funds to be used in improving operational efficiency and winning new projects.

The document is an unaudited interim condensed consolidated financial statement of Drake and Scull International PJSC and its subsidiaries, as of 31st March 2024. This report is primarily intended for individuals with an interest in finance and investing.

Drake & Scull International's subsidiary, Passavant Energy & Environment, has secured a $48 million project to design and construct a wastewater treatment plant in Al-Khobar, Saudi Arabia. The project, in partnership with a major Saudi contracting company, aims to enhance existing infrastructure and contribute to sustainability efforts in the Eastern Province. The plant will have a capacity of 200,000 cubic meters per day and will employ technology to convert waste into energy. The project will also include supporting buildings and facilities, a pumping station, waste treatment tanks, water distribution pipelines, and an odor control system.

The subscription process for shares of Drake & Scull International, part of a final step in the company's restructuring plan, is set to begin on April 25, 2024, and conclude on May 10, 2024. The subscription volume is 600 million dirhams, distributed over 2.4 billion shares. This offers an opportunity to enhance the company's capacity and provide sufficient liquidity to cover and implement its work plan. Shareholders will have the opportunity to benefit from subscribing to the new shares at a discounted price of 25 fils per share. The subscription process will be conducted through the main offices of Emirates NBD, as well as branches of Dubai Commercial Bank in Abu Dhabi, Dubai and Sharjah. To participate in the capital increase, shareholders must ensure their names appear in the company's share register held by the Dubai Financial Market by the end of working hours on the due date, April 24, 2024. Trading on the company's shares is expected to resume on May 21, 2024.