Investor and Media Centre

Depa - Trading Statement

Feb 29 ,2012

Dubai, UAE ; 29 February 2012: Depa Limited (ticker DEPA) (‘Depa’ or the ‘Company’), one of world’s leading interior contracting companies, today issued a trading statement ahead of announcing 2011 year end results towards the end of March 2012.  From the start of the new financial year, and on-going, Depa will report its financials on a quarterly basis.

Revenues for the full year 2011 are expected to be in line with 2010, slightly down on prior market guidance.  Despite this, gross profits are likely to be higher than 2010 due to timely and efficient project execution and at a margin level similar to 2009.  Net profits will be impacted by higher than normal G&A costs due to the retention of a larger number of staff to strengthen the Company’s Middle East business in anticipation of mega contracts coming on stream, which took longer to sign, and therefore start, than expected.  Net profit will also be affected by further amortisation of intangibles at Design Studio and depreciation and amortization of the recently installed ERP system.

  Depa’s backlog continues to run at near record levels and as at 31 December 2011 stood at AED 3.8 billion.  Over the course of 2011, Depa signed a number of major new projects including a AED 929 million contract for the 27 lounges at Doha’s new international airport; the largest contract signed in the Company’s history.  Depa also continues to have a strong pipeline of contract letters of intent.  Depa is close to signing contracts in Saudi Arabia and in Singapore for significant new projects.

During the course of the year, Depa continued its diversification strategy winning an increasing amount of business outside the UAE with major projects in Azerbaijan, India, Malaysia, Morocco, Qatar, Saudi Arabia and Singapore.  In addition, Depa increased the proportion of work from government related infrastructure work including airports and medical centres.  As part of its vertical integration strategy, Design Studio opened its new factory in China in September 2011 to support its manufacturing requirements.

Depa’s balance sheet remains strong and, as in previous years, the Company saw strong cash collection in the final months of 2011 and consequently an improvement in receivables.

Backlog Projects List (only projects worth over AED10m are listed)

Project Name

Country

Total Backlog AED

Qatar Airport

Qatar

929,237,700

King Abdullah Petroleum Studies & Research Center

Saudi Arabia

220,161,859

Intercontinental Hotel

Angola

213,357,930

Singapore projects above 10 M

Singapore

195,225,537

King Saudi University

Saudi Arabia

185,475,757

Morocco Hospital

Morocco

174,562,500

Twin Tower Hotel

Qatar

119,398,598

Mumbai International Airport

India

114,281,931

Baku Flame Tower

Azerbaijan

111,760,567

Refit MY Luna

Spain

106,174,859

City Center

Qatar

71,722,869

Fraser Suite

Singapore

61,911,135

Ramada Hotel

Qatar

59,579,513

PA 164 Oceanco

Holland

57,361,861

Cleveland Clinic

UAE

50,766,422

W Hotel

Singapore

48,536,085

MY Niki

Germany

45,373,241

Topaz

Germany

44,146,733

PPM Conrad Hotel

UAE

39,841,409

Refit MY Pelorus

Germany

36,267,793

Lanson Place

Malaysia

36,077,406

IPIC Headquarters building

UAE

34,161,901

Cairo Festival City

Egypt

33,710,779

Port Baku

Azerbaijan

32,139,951

Grand Hyatt Hotel

Malaysia

28,576,297

The Boulevard

Jordan

28,197,209

The Ritz Calton

India

24,030,712

Hamad  Medical Corporation

Qatar

23,437,391

Capital Centro Abu Dhabi

UAE

20,898,336

Al Raha Beach Hotel Extension

UAE

18,680,756

 

Project Name

Country

Total Backlog AED

Central Market Re-Development (Wood Ceiling)

UAE

16,220,673

JW Marriott Hotel

Azerbaijan

15,759,579

Ritz Carlton Hotel Expansion

UAE

14,687,021

Fairmont Palm Hotel & Resort

UAE

14,065,637

ITC Chennai

India

12,689,431

Chester Terrace

UK

12,485,688

DLF - Magnolias

India

12,315,721

New Doha International Airport NDIA - CP 29

Qatar

11,511,634

Traders Hotel

Malaysia

10,738,861

Abdul Aziz Al Attiya Residence

Qatar

10,352,717

Total

 

AED 3,295,882,001

---ENDS---

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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