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.
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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:
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Depa Limited Noor Sweid Managing Director, Strategy Tel: +971 4 224 3800
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Brunswick Gulf Rupert Young / Jade Mamarbachi ryoung@brunswickgroup.com / jmamarbachi@brunswickgroup.com Tel: + 971 4 446 6270
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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).
