Drake & Scull International P.J.S.C

Logotype for Drake & Scull International P.J.S.C
Ticker/ISIN
DSI
AED001101016
Market/Country
Dubai Financial Market
United Arab Emirates

About Drake & Scull International P.J.S.C

Country of Origin: United Arab Emirates (U.A.E)

Drake and Scull International PJSC (“the Company” or “the Parent Company”) was incorporated on 16th November 2008 and was registered on 21st January 2009 as a Public Joint Stock Company in accordance with the UAE Federal Law No. 8 of 1984, (as amended). The Company is listed on Dubai Financial Market.

Drake & Scull International PJSC (DSI) is a regional market leader delivering world class quality projects via end to end solutions that provide integrated design, engineering and construction disciplines of General Contracting, Mechanical, Electrical and Plumbing (MEP), Water and Power, Rail, Water and Wastewater Treatment, Waste to Energy and Oil and Gas.

Latest Pressrelease Summaries from 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
Following the General Assembly meeting of Drake & Scull International on July 30, 2024, a new Board of Directors was elected. The newly elected Board held its first meeting on August 2, 2024, where they elected His Highness Sheikh Theyab bin Tahnoon bin Mohammed Al Nahyan as Chairman and Engineer Abdullah Atatreh as Vice Chairman. Sheikh Theyab emphasized the importance of the construction sector in the UAE and expressed confidence in Drake & Scull's positive impact on the industry. Recently, the company announced the write-off of approximately AED 4 billion in losses and the resumption of its stock trading on the Dubai Financial Market after a suspension of over six years.
On August 2, 2024, the Board of Directors of Drake & Scull International PJSC held their seventh meeting of the year at 3:00 PM at the company's offices and via Zoom. The Board approved the minutes of the previous meeting, elected H.H. Shaikh Theyab bin Tahnoon Bin Mohammad Al-Nahyan as Chairman, and ENG. Abdulla Atatreh as Vice-Chairman. Additionally, the Board appointed the Chairman and members of the subsidiary committees.
On July 30, 2024, a letter was addressed to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, regarding the seventh Board of Directors meeting of 2024 for Drake & Scull International PJSC. The meeting is scheduled for Friday, August 2, 2024, at 3:00 PM at the company's offices. The agenda includes reviewing and approving the previous meeting's minutes, appointing a new Chairman and Vice Chairman of the Board, appointing new Chairmen and members to the Company's subsidiary committees, and appointing a Board Secretary.

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News Update From Drake & Scull International P.J.S.C

Disclosure: Postponing General Assembly

Date: 24th July 2024 Mr. Hamed Ahmed Ali Chief Executive Officer Dubai Financial Market Dubai - United Arab Emirates Dear Sirs, Subject: Postponement of the Annual General Assembly Meeting of Drake & Scull International P.J.S.C The quorum for the Annual General Assembly Meeting of Drake & Scull International P.J.S.C was not met. Consequently, the meeting has been rescheduled to Tuesday, 30th July 2024 at 3:00 PM at the same location. Sincerely Yours, Dana Abualghanam Board Secretary

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Dubai Financial Market News

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News Update From Drake & Scull International P.J.S.C

Disclosure: BOD meeting

The Board of Directors of Drake & Scull International PJSC will hold its sixth meeting of 2024 on Friday, July 26, 2024, at 3:00 PM at the company's offices. The agenda includes reviewing and approving the previous meeting's minutes, reviewing and approving the unaudited financial statement for the second quarter of 2024, and discussing the company's routine and operational matters. The notice is signed by Shafiq Abdulhamid, Chairman.

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Dubai Financial Market News

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News Update From Drake & Scull International P.J.S.C

Disclosure: Notification from the company regarding the statement issued by the Board of Directors

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News Update From Drake & Scull International P.J.S.C

Disclosure: Nominees for Board of Directors membership

Date: 12 July 2024 Mr. Hamed Ahmed Ali, Chief Executive Officer, Dubai Financial Market, Dubai - United Arab Emirates H.E. Dr. Maryam Buti Al Suwaidi, Chief Executive Officer - Securities and Commodities Authority, Abu Dhabi - United Arab Emirates Subject: Nominees list for the membership of the Board of Directors of Drake and Scull International PJSC (the "Company") The nomination period for the Board of Directors’ membership of Drake and Scull International PJSC closed on Thursday, 11 July 2024. The following individuals have met the nomination requirements for the Board of Directors: 1. H.H. Shaikh Theyab Bin Tahnoon Bin Mohammad Al-Nahyan 2. Dr. Abdul Rahman Mahmoud Al Afifi 3. Mr. Shafiq Abdelhamid 4. Mr. Abdulla Atatreh 5. Mr. Ahmad Kilani 6. Mr. Mustafa Kheriba 7. Mr. Abdulrahman Alali 8. Mrs. Mia Zecevic 9. Mr. Mohamed Aldhaheri 10. Mr. Mohamed Al-Ali 11. Mrs. Khulood Qayed Sincerely, Dana Abualghanam Board Secretary

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News Update From Drake & Scull International P.J.S.C

Disclosure: Notification from the company regarding the opening of nominations for the election of members of the Board of Directors

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News Update From Drake & Scull International P.J.S.C

Disclosure: Invitation of General Assembly

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News Update From Drake & Scull International P.J.S.C

Disclosure: Results of BOD Meeting

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News Update From Drake & Scull International P.J.S.C

Disclosure: BOD meeting

Date: June 20, 2024 Mr. Hamed Ahmed Ali CEO - Dubai Financial Market Dubai, United Arab Emirates Subject: Board of Directors Meeting Number 5 of 2024 of Drake & Scull International PJSC Dear Sirs, We would like to inform you that the Board of Directors of Drake & Scull International PJSC will hold its fifth meeting of 2024 on Monday, June 24, 2024, at 3:00 PM at the offices of the Company. The agenda includes: 1. Reviewing and approving previous minutes of the meeting. 2. Calling the General Assembly to convene and setting its agenda items. 3. Discussing routine and operational business of the Company. 4. Any other items. Sincerely, Shafiq Abdulhamid Chairman

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Dubai Financial Market News

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News Update From Drake & Scull International P.J.S.C

Disclosure: Notification from the company

On June 10, 2024, Drake & Scull International PJSC announced the completion of its restructuring plan, which included the write-off of 4,181,744,366 dirhams of financial and commercial debts. This was achieved through the issuance of mandatory convertible sukuk to the company's creditors, as per the court's decision and the restructuring plan. The company has fulfilled all obligations outlined in the restructuring plan, including increasing its capital by more than the minimum required 300 million dirhams. The restructuring plan was agreed upon with financial and commercial creditors and approved by the competent courts, and the company has received approval from the Securities and Commodities Authority.

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Dubai Financial Market News

Dubai Financial Market News

News Update From Drake & Scull International P.J.S.C

Disclosure: Notification from the company

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