Press releases, Reports & Disclosures for Drake & Scull International P.J.S.C

Drake and Scull International PJSC (DSI), a company specializing in mechanical, electrical, and plumbing services, as well as oil and gas and water treatment projects, is actively pursuing growth opportunities in the UAE's infrastructure market and the wider Middle East region. The company is currently involved in various infrastructure and water treatment projects and has submitted bids for projects worth 4 billion dirhams. These efforts are part of DSI's strategy to expand its project portfolio and strengthen its leadership in large-scale infrastructure projects. CEO Muin Al Saleh expressed optimism about the company's growth potential and regional expansion plans. Additionally, DSI's subsidiary secured a 180 million Saudi Riyals contract for a wastewater treatment plant in Saudi Arabia, reinforcing the company's capacity to handle large projects.

Drake and Scull International PJSC (DSI), a company specializing in mechanical, electrical, and plumbing (MEP) contracting services, as well as oil and gas and water treatment projects, has appointed Muin Al Saleh as the new Chief Executive Officer. With over 25 years of experience in engineering, construction, and infrastructure, Mr. Al Saleh is expected to drive operational growth, enhance client satisfaction, and optimize cost management. His leadership aims to strengthen DSI's project delivery capabilities and market position. Mr. Al Saleh expressed his enthusiasm for leading DSI and working with the team to advance projects and achieve company goals. The Board of Directors is confident in his ability to elevate DSI's presence in regional markets.

Drake and Scull International PJSC reported a net profit of AED 5.9 million for the third quarter of 2024, marking a significant improvement from a net loss of AED 34.9 million in the same period last year. The company's revenues grew by 13% to AED 21.5 million, driven by increased activity in India, Romania, and Tunisia. For the first nine months of 2024, Drake and Scull achieved a year-to-date profit of AED 3.8 billion, largely due to a write-back of AED 3.75 billion in liabilities as part of their restructuring process. Earnings per share for this period were AED 1.88, compared to a loss per share of AED 0.18 last year. The restructuring has strengthened the company's financial position, increasing total assets to AED 715.6 million and improving equity to AED 174.1 million, while also reducing debt through the conversion of some obligations into Mandatory Convertible Sukuks.

On September 23, 2024, Drake & Scull International PJSC announced the final list of accepted commercial debts and the amounts to be paid to each creditor. This follows a previous announcement on January 30, 2024, which listed creditors in Al Bayan and Gulf News newspapers. The current announcement, published in Al Bayan and Gulf Today newspapers, states that the debts are considered finally paid at a rate of 10% of the accepted debt value. Creditors listed in the announcement are requested to contact the company via email at Investor.Relation@drakescull.com.

Date: 3 September 2024 Mr. Hamed Ahmed Ali CEO, Dubai Financial Market Dubai, United Arab Emirates Dear Sirs, Subject: Resolutions of the Board of Directors to be taken in circulation for Drake & Scull International PJSC (the “Company”) We would like to inform you that the Board of Directors of Drake & Scull International PJSC will take decisions by circulation on Friday, 06/09/2024, to discuss routine matters and operational business of the Company. Sincerely Yours, Drake and Scull International PJSC