Drake and Scull secures contracts worth Dh376m in India, Tunisia and Palestine

The company said it is bidding for projects worth Dh1.75 billion in Iraq and Kuwait

Drake & Scull International  is looking to strengthen its operations in core markets. Rich-Joseph Facun / The National

Dubai-based contractor Drake & Scull International said it has secured contracts worth Dh376 million ($102.3m) to build several projects in India, Tunisia and Palestine.

The contracts awarded are to build waste water treatment projects and oil and gas pipeline extensions, the company said.

"We continue to build our footprint – not just in the region but also in key international markets," Shafiq Abdelhamid, chairman of DSI, said.

"This will drive the growth of our company in the coming months, as we successfully navigate the impact of the pandemic and focus on creating value for our stakeholders.”

The contractor signed a Dh178m deal with a French company to build a waste water treatment plant in south Méliane in Tunisia and another Dh34m deal to build one in India.

Drake and Scull also said it completed work on a Dh76m waste water treatment plant and the Tubas / Al Tayaseer treatment station for Dh88m in West Bank, Palestine.

The company, which is looking to strengthen its operations in core markets, said it is bidding for projects worth Dh1.75 billion in Iraq and Kuwait.

New projects are a key part of Drake and Scull's turnaround strategy, which saw the company return to profitability in 2020 after enduring several years of losses. The contractor reported a net profit to shareholders of Dh109m in 2020, compared to a net loss of Dh87m in the prior year, it said in a statement in February.

Profit from continuing operations, however, fell 45 per cent to Dh128m as revenue declined 68 per cent to Dh216m.

Drake and Scull also said its restructuring process is at an advanced stage. The company has been in talks with lenders about a capital reorganisation, as its liabilities outweighed its assets by about Dh3.9bn as of the end of last year.