Drake & Scull International PJSC (DSI), a specialist in MEP contracting and infrastructure services, has returned to profitability in the first quarter of 2025, reporting AED 2.5 million (approx. $680,000) in net profit compared to a net loss of AED 42.5 million (approx. $11.57 million) during the same period in 2024.
The update was announced via a press release published on the Dubai Financial Market (DFM) website.
DSI’s Q1 revenue remained stable year-on-year, largely supported by water and wastewater treatment projects across key markets including India, Romania, Tunisia, and Jordan. General and administrative expenses rose to AED 11.4 million (approx. $3.1 million) from AED 8.6 million (approx. $2.34 million) in Q1 2024, reflecting increased staffing, legal, professional, and business development costs aligned with the company’s growth and compliance efforts.
The company ended the quarter with AED 298.5 million (approx. $81.6 million) in unrestricted cash, reflecting robust financial management. A cash outflow of AED 21.4 million (approx. $5.8 million) was allocated to strategic property investments aligned with operational priorities.
A major highlight for the quarter was the award of a landmark AED 1 billion (approx. $272 million) contract in the UAE—reinforcing DSI’s market position and signaling momentum in its operational turnaround.
Muin El Saleh, Group CEO of Drake & Scull International, said: “Q1 results reflect progress in stabilizing operations and executing our restructuring plan. The return to profitability underscores our focus on cost discipline, strategic project execution, and value creation for our shareholders. While challenges remain, our liquidity position and recent project awards provide a foundation for recovery.”
He added: “The Group is cautiously optimistic for the remainder of 2025. With the successful award of major projects, a streamlined cost structure, and stabilized operations, we expect further improvement in financial performance over the coming quarters.”
As DSI continues to expand its regional presence and operational footprint, the company is positioning itself for sustained recovery and long-term growth.