Investor and Media Centre

DEPA LIMITED - Q1 UPDATE : 27% INCREASE IN NET PROFIT DURING Q1 2014

May 14 ,2014
  • Group revenues up to AED 461 million

 

Dubai, UAE; 15 May 2014: Dubai, UAE; Depa Limited (Nasdaq Dubai: Depa), one of the world’s leading interior contracting companies, today issued a first quarter trading update for the period ended March 31 2014.

Depa reported a 3% increase in group revenues to AED 461 million (Q1 2013: AED 446m), with gross profit up 9% to AED 62 million (Q1 2013: AED 57m) and net profit after non-controlling interest was 27% higher at AED 14 million (Q1 2013: AED 11m). The Company’s total assets reached AED 3.22 billion at the end of Q1 2014 (Dec 2013: AED 3.21bn) and its cash at bank was AED 389 million (Dec 2013: AED 399m).

As of 31 March 2014, Depa’s backlog was AED 2.52 billion, in line with the AED 2.53 billion announced at year end 2013 and down from Q1 2013’s AED 2.98 billion. Segmentally, hospitality continues to remain the leading sector, increasing its value to 40.3% over the last three months and now accounting for over AED 1 billion of backlog. Vedder signed up two new projects which has lifted the yacht segment to second place at 18.8% (AED 475m) with residential taking third at 17.9% (AED 451m).

UAE has a total Backlog of AED 630 million,having improved by AED 330 million year-on-year (Q1 2013: AED 300m) and accounting for 25% of regional segmentation. Meanwhile, Asia and MENA (ex–UAE) accounted for AED 706 million (28%) and AED 643 million (25%) respectively. Europe has gained significantly, Increasing to 19% and taking its backlog to AED 466 million (Q1 2013: AED 407m).

Hasan Ismaik, Chairman of Depa Limited commented: “We are encouraged by the solid start to the year both financially and operationally. We have posted a net profit and an increase in both group revenues and gross profits. Our backlog has also been enhanced on the back of our recent strategic and operational restructuring and the efficiency it has had on our business and bottom line. We remain focused on delivering further restructuring initiatives in the coming period, as we look forward to set a long-term plan that would help us maximise our group revenues, and create long-term value for our shareholders at the same time.”

On Depa’s financial position, Mr Ismaik added: “We are in a strong financial position, especially following the cash inflow we received from our operations during 2013 and the first quarter of 2014, instead of relying on our financial resources, like what we did in 2012. We are now well-positioned to further strengthen our financial position by considering different financial solutions and capital restructurings.”

Four prominent contracts were signed during the first quarter of the year; two by Vedder and two in the GCC. Vedder, Depa’s German based luxury yacht company took on two new interior contracting projects.The first is a full turnkey project whilst the second is for significant parts of the luxury areas of a yacht interior project and is Vedder’s first interior project secured at Amels in the Netherlands. The contracts are collectively worth AED 129 million.

In Doha, an interior decorating contract worth AED 85 million was signed for a 16-floor government tower project. The scope of work includes the complete fit-out works, MEP, IT, AV system and furniture covering an 11,000 sq/m area. The project is due for completion in mid-2015. In Abu Dhabi, National Bank of Abu Dhabi (NBAD) agreed an interior fit-out and renovation works of 25 branches worth AED 62 million. The project will last until June 2015.

 

Backlog Projects List (only projects worth over AED10 m are listed) as of 31 March 2014

S.N

Project

Country

Backlog

1

Singapore Projects Above 10 Million ( 18 Projects)

Singapore

476,409,040

2

Private Yachts Projects Above 10 Million ( 5 Projects)

Germany

360,344,983

3

Presidential Palace

UAE

231,325,490

4

Fairmont Hotel & Serviced Apartment

UAE

174,565,020

5

King Saud University

Saudi Arabia

173,636,918

6

King Abdullah Petroleum Studies and Research Center

Saudi Arabia

126,040,686

7

Twin Tower

Qatar

87,585,366

8

Golden Tower

Qatar

85,527,706

9

NBAD's Domestic Branch Conversion

UAE

61,431,775

10

Intercontinental Hotel

Angola

53,627,081

11

Hyatt Dubai Health Care City

UAE

50,530,217

12

Makkah Mosque - Shamiyah expansion

Saudi Arabia

47,727,804

13

Platinum Suite

Malaysia

34,987,200

14

Private Yacht

Netherlands

28,115,450

15

Regency Emirates Pearl

UAE

25,519,557

16

Hyatt and Conrad Hotels

Saudi Arabia

24,199,026

17

Private Yacht

Netherlands

23,933,635

18

Al Forsan Sport Hotel

UAE

23,561,030

19

M-City

Malaysia

23,033,240

20

Falcon Tower

Qatar

22,924,264

21

ACC - Jabal Omar Development

Saudi Arabia

21,974,105

22

AIDA Cruise - Mitsubishi Liner Aida

Japan

20,700,760

23

Private Yacht

Italy

20,157,630

24

Doha City Center - Phase III

Qatar

18,501,432

25

168 Waterfront Service Apartment

Malaysia

15,744,240

26

Villa Max

Russia

13,455,443

27

Mumbai International Airport

India

10,977,450

 

 

 

 

     

2,256,536,547

 

---ENDS---

 

For further inquiries, please contact:

Depa Limited

Khalid Al Sawalhi

Group Chief Investment Officer

Tel: 971 4 224 3800

investorrelations@depa.com

Brunswick Gulf Ltd

Rupert Young / Jade Mamarbachi

Tel: 971 4 446 6270

depa@brunswickgroup.com

CONTACT US

Depa Group, Vision Tower,
35th Floor, P.O. Box 56338,
Dubai, U.A.E.
T: +9714-446-2100
F: +9714-446-2102
info@depa.com

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