Drake & Scull International Becomes Profit-Making Company
Reflecting a significant turnaround in profitability, Drake & Scull International (DSI), specialising in contracting services for mechanical, electrical, and plumbing (MEP), as well other infrastructure projects, has reported a revenue of $28.23 million in FY2024, up from $23.5 million in previous year, marking a 20% growth.
The gross profit was $1.44 million in 2024, slightly more than $1.39 in the previous year, while the net profit stood at $1.02 billion, compared with a net loss of $102.37 million in the previous year, the company said in a bourse filing with Dubai Financial Market (DFM) on Thursday.
The total assets of the company also increased to $176.15 million, from $85.87 million in FY 2023 while the shareholder equity improved to $41.3 million, reversing a previous deficit of $1.2 billion.
DSI also completed a comprehensive restructuring plan, approved by the Dubai Court of Appeal, resulting in the write-back of liabilities to the tune of $1.03 billion and conversion of $100.19 million liabilities into Mandatory Convertible Sukuks.
The company raised $123.6 million through a share capital issuance, strengthening the company’s liquidity position and was awarded contracts worth $270 million in the UAE, reinforcing its market presence and future revenue stream.
DSI’s New Chapter
Company Chairman Sheikh Theyab bin Tahnoun bin Mohammad Al Nahyan said that 2024 marked a new chapter for DSI, as they successfully navigated one of the most significant restructurings in the industry.
The company’s commitment to financial discipline and strategic realignment has positioned them for long-term success. With a strengthened balance sheet and a clear growth strategy, the management is confident in delivering sustained value to its shareholders, he said.
“The remarkable financial turnaround we achieved 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 capitalise on emerging opportunities in the MENA region and beyond, as we continue to execute our growing pipeline of infrastructure and construction projects,” he said.
Outlook for 2025
He said that DSI embarks on a new era of stability and growth, with restructuring behind us, and their focus was now on execution—delivering exceptional projects, rebuilding trust with clients, and creating sustainable value for the shareholders.
The $270 million project award is a testament to the market’s renewed confidence in DSI, and they were seeing it as the first of many opportunities as DSI was re-energising its business development pipeline.
“The UAE and broader GCC’s infrastructure investment plans align seamlessly with our core strengths in engineering, construction, and specialised contracting. With a leaner structure and a strengthened balance sheet, we are well-positioned to capitalise on emerging opportunities and drive long-term success.,” he added.
