DFM-listed Drake & Scull International (DSI) announced on Tuesday that it secured AED 1.4 billion ($381 million) in new contracts during the first half of 2025.
The awards include a flagship AED 1 billion project in the UAE, the AED 215 million North Balqa Wastewater Treatment Plant in Jordan, and a AED 169 million water treatment facility in Maharashtra, India.
Alongside these wins, the UAE-headquartered MEP specialist revealed its entry into Dubai’s commercial real estate sector with the acquisition of a prime land plot in Majan, where it plans to develop its first self-owned office building.
Financial results for the first half showed revenue rising 57% year-on-year to AED 77.9 million, while gross profit increased 59% to AED 5.9 million. Net profit stood at AED 6.5 million, compared to AED 3.8 billion in H1 2024, which had been boosted by a one-off restructuring gain. General and administrative expenses climbed to AED 24.5 million from AED 21.2 million, reflecting higher legal, professional, and business development costs.
As of June 30, DSI reported total assets of AED 629.5 million, with total equity up to AED 158.4 million. Cash and bank balances reached AED 309.2 million. However, interim financial statements noted accumulated losses exceeding 50% of share capital and negative operating cash flows of AED 61.8 million in the period.
Commenting on the results, Group CEO Muin El Saleh said: “The new contract awards provide a strong platform for growth in the second half of the year. Our focus remains on executing projects efficiently, optimising operations, and delivering sustainable value to shareholders.”
