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Press Release
Drake & Scull International Announces Q3 2023 Financial Results
Dubai, UAE, 9 November 2023: Drake & Scull International PJSC (DSI), a regional market leader in
integrated design, engineering, and development in the (MEP), Water and Power and Oil and Gas sectors
released today its reviewed financial results for the Q3 ended 30 September 2023 reporting a Gross Profit of
AED 7 million compared to AED 4 million for the same period in 2022.
• Revenue achieved was AED 64 million compared to the same amount during the same period in 2022.
• Loss from continued operations was AED 195 million compared to a loss of AED 158 million
during the same period in 2022.
• Reduction in general and administrative expenses to AED 23 million compared to AED 39 million
during the same period in 2022, equivalent to 40%.
• Accumulated Losses increased to AED 5,296 million compared to accumulated losses of AED 5,098
million as at 31 December 2022.
• Total Negative Equity increased to AED 4,261million compared to total negative equity of AED 4,083
million as at 31 December 2022.
• The major reasons behind the loss were the net financing cost, bond encashment and commercial
cases that will be adjusted upon successful completion of the restructuring process.
DSI order backlog is AED 464 million driven by ongoing operations in the UAE and overseas countries..10
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Commenting on the announcement, Eng. Shafiq Abdelhamid, Chairman of DSI PJSC, said
“According to what was announced on 1st of November 2023, and where the Court of Appeal had previously
approved the agreed-upon restructuring plan, which was approved by the majority of creditors, the remaining
procedures will be completed in accordance with what was stated in the Court’s ruling and the approved
restructuring plan.”
Based on the ruling issued by the esteemed court approving the restructuring plan and upon completing all
its conditions, the Company will cooperate with the Securities and Commodities Authority and the Dubai
Financial Market to return its shares to trading as soon as possible, in addition to working on raising the
Company’s capital in accordance with the restructuring plan during the first quarter of 2024.”
On behalf of the board of directors, I would like to extend our gratitude and appreciation to our shareholders
for their patience during the previous period, and will continue to make all possible efforts to ensure that DSI
PJSC shares will resume trading on the Dubai Financial Market after the completion of the restructuring”.
-Ends-
About Drake & Scull International PJSC
Drake & Scull International PJSC (DSI) is a regional market leader in world-class Integrated Design,
Engineering, and Construction projects. DSI‘s main business streams include Engineering (MEP),
Construction, District cooling plants, Oil & Gas, and Water & Wastewater Treatment plants. The company
operates across the GCC & rest of the Middle East as well as Europe. DSI has completed more than 700
projects around the world in the Residential and mixed-use real estate, Aviation, Power plants, District cooling
plants, Hospitality, Healthcare, Renewable energy, Data center, Petrochemical, Rail, Commercial,
Government, Leisure and Infrastructure sectors.

Sentiment: positive