Investor and Media Centre

Trading Statement

Jul 14 ,2011

Depa Limited (ticker DEPA) (‘Depa’ or the ‘Company’), one of world’s leading interior contracting companies, today issued a pre-close trading statement ahead of announcing interim results in mid August.

 

Although the Company is seeing the benefits from its diversification strategy winning significant projects from an increasingly wide geographical base; regionally, however, uncertainty generated by the Arab Spring has delayed the signing of a number of larger projects in the MENA region and this lag effect will dampen full year market expectations.

 

Depa’s backlog of contracts as at the 30 June 2011 stood at $2.3bn similar to the backlog amount at the end of March 2011. During the first half of the year the Company signed around AED800m of new projects.

 

In India, Depa has been awarded the interior wall cladding and decorative corian packages for the new international terminal at Mumbai’s Chhatrapati Shivaji International Airport with a contract value of AED110m. This is an important contract as Depa continues to develop its presence in this fast growing market. The Company is also currently carrying out interior contracting work at the Ritz Carlton, Bangalore and ITC Grand Hotel, Chennai.

 

During the last few months Depa has also won further work in Azerbaijan with a contract for the interior fit out of the Health Club & Spa, Port Baku Towers in addition to the work it is doing on the main entrance and lift lobbies. In total, Depa is currently working on contracts worth over AED200m in Azerbaijan including interior fit-out work at the Baku Flame Towers and the JW Marriott Hotel.

 

Design Studio in Singapore has also won new projects including the supply and installation of kitchen & wardrobes to Leedon Heights, a luxurious freehold condominium in Singapore and DDS (Depa Design Studio) Malaysia has won the interior fit-out of Lanson Palace at Bukit Ceylon in Kuala Lumpur, Malaysia. In Europe and the UK, Depa has won significant FF&E projects for private residences in both Central Paris and Central London.

 

Depa is making good progress on all the projects on which it is currently active and continues to see good gross profit margins. Interim results will reflect the normal seasonality of the business with a significant weighting of revenues and earnings to the second half.

 

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

 

PROJECT NAME
COUNTRY
TOTAL BACKLOG AMOUNT (AED)
Intercontinental Hotel
Angola
              213,571,176
Singapore (11 Projects with over AED10 million worth)
Singapore
163,752,931
PPM Conrad Hotel
UAE
              129,070,677
Twin Tower Hotel
Qatar
              120,942,000
Baku Flame Tower Project
Azerbaijan
              120,376,085
Mumbai International Airport
India
              109,920,063
IPIC Headquarters
UAE
                89,165,606
Yasmeen Rotana
Syria
                84,825,140
Doha City Center
Qatar
                84,209,839
Cleveland Clinic
UAE
                79,741,580
Grand Hyatt Hotel
Malaysia
                78,263,929
Gardenia Rotana
Syria
                67,682,175
Topaz Zone
Germany
                63,773,327
Hamad Medical Corporation
Qatar
                63,705,905
Fairmont Palm Hotel & Resort
UAE
                57,044,289
Lanson Palace
Malaysia
                38,989,360
Cairo Festival City
Egypt
                35,000,000
The Boulevard
Jordan
                33,856,542
Health Club North Tower
Azerbaijan
                30,446,740
JW Marriott Hotel
Azerbaijan
                29,822,130
Port Baku South Tower
Azerbaijan
                26,878,247
Abu Dhabi Stock Exchange
UAE
                23,258,823
Capital Centro Abu Dhabi
UAE
                20,308,124
Al Bahr Towers
UAE
                19,391,590
Novotel Platinum
Thailand
                18,460,834
Al Ghuriar City Expansion
UAE
                18,201,709
Confidential
UAE
                17,288,845
Dubai Metro - Green Line
UAE
                16,680,013
New Doha International Airport
Qatar
                14,684,054
Paris Partment
UK
                14,490,000
Mazagan Villa
Morocco
                14,401,234
ITC Grand
India
                13,605,190
Dhafir Development
UAE
                12,697,726
The Ritz Carlton
India
                12,135,070
5 Stones
Singapore
                10,802,555
TOTAL AMOUNT (projects over AED10m)
AED
2,172,630,758
 
 
 
 

---ENDS---

 

For further inquiries, please contact:

 

Depa Limited

Noor Sweid

Managing Director, Strategy

strategy@depa.com

Tel: +971 4 224 3800

 

Brunswick Gulf

Rupert Young / Jade Mamarbachi

ryoung@brunswickgroup.com jmamarbachi@brunswickgroup.com

Tel: + 971 4 446 6270

 

 

 

ABOUT DEPA LIMITED

 

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 luxury hotels, infrastructure and public sector amenities such as hospitals and airports, high-end residential properties, retail outlets, as well as yachts. 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 8,000 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).

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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