Dubai's Drake & Scull's profit drops from Dh3.8b to Dh6.5m - company is OK with this

Dubai: The Dubai engineering company Drake & Scull International totalled H1-2025 net profits of Dh6.5 million. That compares to a staggering Dh3.8 billion as net profits for first-half 2024.

But the company, currently going through a major restructure, is not worried about the massive profit difference.

The 2024 H1 numbers were a one-off brought on by 'restructuring adjustments'. And this year's numbers show the company steadily putting together a comeback plan - and which seems to be getting results.

In the first six months of 2025, it won new projects with a total value of Dh1.39 billion, including some from outside of the UAE. Not just that, Drake & Scull launched its first real estate project, hoping to tap into the property boom in Dubai. This project should be ready towards end 2026. (It bought land in Majan to build its first self-owned commercial building in Dubai.)

When it comes to collecting money that’s owed to the company over the years, ‘We are pursuing several legal cases to recover as many receivables as possible’.

There are also funds that will come in from legal cases where Drake & Scull won favourable judgements. “This action (of collecting the court-mandated funds) is continuous given the complex and lengthy legal process.”

H1-25 revenues

Drake & Scull reported revenues of Dh77.9 million in the first six months, up from Dh49.7 million.

"Our performance reflects the successful execution of our strategic priorities," said Muin El Saleh, Group CEO of Drake & Scull International.

"The 57% revenue growth demonstrates our ability to capitalize on opportunities in our core markets while maintaining disciplined cost management. We are particularly proud of our recent project awards, which include a landmark Dh1 billion contract in the UAE, the North Balqa Wastewater Treatment Plant in Jordan (Dh215 million), and a water treatment plant in Maharashtra, India (Dh169 million).

"These achievements showcase our diversified capabilities and strong market position across multiple sectors and geographies."