DFM-listed Drake & Scull International (DSI) announced on Tuesday that it has secured 1.4 billion UAE dirhams ($381 million) worth of new projects in the first half of 2025.

These include a landmark AED 1 billion contract 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.

In the first half, the UAE-headquartered mechanical, electrical, and plumbing (MEP) specialist also announced its strategic entry into Dubai’s commercial real estate sector with the purchase of a prime plot in Majan to develop its first self-owned office building.

DSI posted a 57 percent year-on-year revenue increase of AED 77.9 million for the six months ended 30 June 2025. Gross profit rose 59 percent to AED 5.9 million, while net profit stood at AED 6.5 million, compared with AED 3.8 billion in H1 2024, when results were boosted by a one-off restructuring gain. General and administrative expenses rose to AED 24.5 million from AED 21.2 million due to higher legal, professional, and business development costs.

Total assets were AED 629.5 million at the end of June, slightly lower than year-end 2024, while total equity increased to AED 158.4 million. Cash and bank balances stood at AED 309.2 million.

However, interim condensed consolidated financial statements posted on DFM noted that accumulated losses exceeded 50 percent of share capital and that the group generated negative operating cash flows of AED 61.8 million in the first half.

Group CEO Muin El Saleh said the contract awards provide a solid foundation for the second half of the year.

“We remain focused on delivering quality projects, optimisng our operations, and creating sustainable value for our shareholders,” he said.

(Writing by SA Kader; Editing by Anoop Menon)
(anoop.menon@lseg.com)

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