Depa Limited (ticker DEPA) (‘Depa’ or ‘the Company’), one of the world’s leading interior contracting companies, today issues the following update for the third quarter ended 31 September 2010.
Commenting on the results, Mr. Mohannad Sweid, CEO of Depa, said: “We are now seeing the early signs of economic recovery across our core markets and this is evident in the build up of exciting projects moving into our backlog, including new territories like Yemen and Angola, and growth markets, like Abu Dhabi. During the period, and in line with our diversification strategy, we also strengthened our presence in Asia increasing our ownership in Design Studio to 92%. This acquisition gives us a leading brand with which to expand into the fast growing Far East markets. We head into the fourth quarter with a more optimistic frame of mind for the coming few years.”
In the period, the Company won a number of significant mandates including the full fit out of the International Petroleum Investment Company’s new headquarters in Abu Dhabi and the refurbishment of several areas of Terminal 1 at the Abu Dhabi airport.
Further afield, Depa’s subsidiary Mivan Depa, recently announced AED 100 million worth of new contracts including the refurbishment contract for the Aden Hotel in Sana’a, the first project Depa has won in Yemen. Depa will look to use this project as an entry point to win further projects in the Country.
Depa also announced its second contract win in Angola in the third quarter undertaking the AED220m fit out and furniture, fixtures and equipment (FF&E) of a five-star hotel in the Angolan capital. Angola, and the greater Central-African region, is continuing to make significant economic reforms, and is recording strong economic growth, presenting a number of opportunities for Depa to explore.
Top Backlog Projects List
|
Project Name |
Country |
Total Backlog |
|
Confidential Hotel |
Angola |
219,643,948 |
|
PPM Conrad Hotel |
UAE |
197,162,132 |
|
Twin Tower Hotel |
Qatar |
120,717,027 |
|
Doha City Center |
Qatar |
107,806,308 |
|
IPIC Headquarters building AD |
UAE |
102,903,622 |
|
Tiara Palm Hotel |
UAE |
72,417,235 |
|
Abu Dhabi Stock Exchange |
UAE |
67,040,592 |
|
Dubai Metro - Green Line |
UAE |
65,627,299 |
|
Hamad Medical Corporation |
Qatar |
64,954,124 |
|
Ritz Carlton Millenia |
Singapore |
62,034,101 |
|
Confidential Project |
UK |
60,000,000 |
|
Cleveland Clinic |
UAE |
56,500,000 |
|
The Boulevard |
Jordan |
42,711,854 |
|
Grand Hyatt |
Malaysia |
40,000,000 |
|
Al Turki Business Park |
Saudi Arabia |
37,584,839 |
|
Mazagan Villa |
Morocco |
30,090,195 |
|
Ferrari Experience - Yas Island |
UAE |
29,573,466 |
|
Al Ghuriar City Expansion - Phase II |
UAE |
28,782,099 |
|
Capital Centro Abu Dhabi |
UAE |
26,738,431 |
|
ICHQ-Abu Dhabi |
UAE |
22,582,844 |
|
68m Yacht - Confidential Client |
Germany |
22,243,101 |
|
ITC Grand Chola Guest rooms and corridors |
India |
19,519,694 |
|
Medical research unit at Weil Conell Medical College |
Qatar |
15,466,308 |
|
Dhafir Development - Beach Tower for Mohamed Al Dhaheri |
UAE |
13,488,863 |
|
Retail experience- welcome pavilion |
UAE |
12,615,350 |
|
Aden Hotel - Phase 1 |
Yemen |
12,260,404 |
|
M Y Swift 141' |
UAE |
12,204,862 |
|
90m Yacht - Confidential Client |
Germany |
11,391,594 |
* The backlog figure of AED 2.4billion includes backlog for all Depa’s subsidiaries, however the list of projects does not include those of Design Studio due to client confidentiality.
- Ends -
For further inquiries, please contact:
|
Depa Limited Noor Sweid Managing Director, Strategy Tel: +971 4 224 3800 strategy@depa.com |
Brunswick Gulf Ltd Rupert Young / Jade Mamarbachi Tel: + 971 4 365 8260 ryoung@brunswickgroup.com / jmamarbachi@brunswickgroup.com |
Depa Limited is a leading interior contracting company in the Middle East, North Africa and Southeast Asia regions. Operating principally in the luxury fit-out industry, its main areas of business cover 5 star hotels, high-end residential properties, retail outlets, yachts, as well as public sector amenities such as hospitals and airports. Depa is listed on the NASDAQ Dubai (ticker DEPA) and has Global Depositary Receipts on the regulated market for listed securities of the London Stock Exchange plc (ticker DEPA and DEPS).
The range of business activities performed by Depa comprises:
· Interior contracting : which focuses on luxury interior fit-out services, which include installation and finishing of floors, walls, ceilings, fixed joinery, panelling, wood-works, doors and frames;
· Manufacturing : which comprises a network of factories and joineries which produce customized furniture, fixtures and equipment (FF&E);
· Procurement : which involves the procurement of supplies and materials from third parties to support and complement Depa's interior contracting and manufacturing operations as well as third party procurement contracts for specific FF&E projects.
By integrating these services into a single package, Depa provides clients with comprehensive and customized interior contracting solutions.
With more than 9,000 employees worldwide, the company operates through an integrated network of subsidiaries, affiliates and representative offices located in the UAE, Saudi Arabia, Qatar, Egypt, Jordan, Syria, Libya, Morocco, India, Malaysia, Thailand, China, Singapore, UK, the Netherlands, and the United States. Through this network, Depa has successfully executed large and complex projects in over 16 countries including the Burj Al Arab Hotel (Dubai), Emirates Palace (Abu Dhabi), the Museum of Islamic Art (Doha), Four Seasons Hotels (Sharm El Sheikh & Mumbai) and Mazagan Resort (Casablanca).
