Investor and Media Centre

Year End 2010 Trading Update

May 6 ,2011

Depa Limited (ticker DEPA) (‘Depa’ or the ‘Company’), one of world’s leading interior contracting companies, today issued the following trading update for the year ended 31 December 2010, ahead of the publication of its full year results.

 

The Company continued to perform through challenging markets in 2010, making solid progress delivering on its large portfolio of contracts. However, net profits will be significantly impacted due to the previously disclosed claim regarding the Burj Khalifa contract, which has been taken through the income statement. The Company’s balance sheet remains strong.

 

Despite the challenging economic environment that persisted throughout the year, Depa has been able to diversify its revenue base with significant new and prestigious contract wins. Consequently the Company continues to have a number of selective high quality projects and clients, which at the end of 2010 were valued at AED2.2bn (31 December 2009: AED2.1bn). 

 

Mr Mohannad Sweid, Chief Executive Officer, Depa Limited said: “Being at the end of the construction cycle, we have felt the impact of the economic downturn later than other areas of the construction industry. However, our selective high quality projects and clients show that we are well positioned and that revenues and profits will be underpinned in 2011 and 2012. I am also pleased to say that our strategy to diversify our income is paying off. Not only has this enabled us to weather the economic downturn, it has placed us well in future growth markets, like South East Asia, and has decreased our exposure to the current regional unrest.”

 

During the year, Depa announced a series of important contract wins in new territories such as Malaysia, Angola and more recently, in the fourth quarter, Syria. The latter AED72m contract, being for the complete fit-out and loose furnishings works on the five-star Yasmeen Rotana Hotel in Damascus. Depa also made strong progress in growth markets such as Abu Dhabi, winning contracts for, amongst others, the full fit out of the International Petroleum Investment Company’s new headquarters, as well as in South East Asia, where Design Studio continues to win major contracts. 

 

Top Backlog Projects List

The below list represents Depa’s top 41 backlog projects.

 

Division

Project

Country

City

Value (AED)

Depa Interior

Intercontinental Hotel

Angola

Luanda

214,484,526

Depa Interior

PPM Conrad Hotel

UAE

Dubai

168,220,041

Depa Qatar

Twin Tower Hotel

Qatar

Doha

120,942,000

Depa Interior

IPIC Headquarters

UAE

Abu Dhabi

97,379,635

Dragoni

Doha City Center - Phase III

Qatar

Doha

95,366,511

DDS Malaysia

Grand Hyatt Hotel 

Malaysia

Kuala Lumpur

70,553,545

Vedder

Topaz Project Zone 3 & 8

Germany

Bremen

68,846,028

Depa Syria

Hums Rotana " Gardinia"

Syria

Hums

67,987,500

Depa Qatar

Hamad Medical Corporation

Qatar

Doha

66,723,929

Depa Syria

Yasmin Rotana

Syria

Damascus

62,234,071

Mivan Depa

Cleveland Clinic

UAE

Abu Dhabi

51,683,748

Depa Abu Dhabi

Abu Dhabi Stock Exchange

UAE

Abu Dhabi

47,860,340

Design Studio

Reflection @ Keppel Bay

Singapore

Singapore

42,595,683

DDS Singapore

Ritz Carelton Millenia

Singapore

Singapore

39,091,550

Depa Jordan

The Boulevard

Jordan

Amman

35,669,475

Mivan Depa

JW Marriott Hotel

Azerbaijan

Baku

33,746,294

Design Studio

D'Leedon Heights

Singapore

Singapore

31,184,702

Depa KSA

Al Turki Business Park

Saudi Arabia

Al Khobar

30,320,583

Depa Abu Dhabi

Capital Centro

UAE

Abu Dhabi

26,649,116

Lindner Depa

Dubai Metro - Green Line

UAE

Dubai

26,136,542

Depa Interior

Al Ghuriar City Expansion - Phase II

UAE

Dubai

23,689,475

Carrara

ICHQ

UAE

Abu Dhabi

22,522,246

Design Studio

Project Minton

Singapore

Singapore

21,969,980

DDS Thailand

The Novotel Platinum Hotel

Thailand

Bangkok

21,751,600

Mivan Depa

Oxcis

UK

Oxford

21,060,000

Dragoni

Qatar National Convention Centre

Qatar

Doha

19,846,564

Design Studio

Interlace

Singapore

Singapore

16,375,140

Design Studio

Miscellaneous

Singapore

Singapore

15,591,625

Design Studio

Meadow @ Peirce

Singapore

Singapore

15,077,593

Dragoni

New Doha International Airport

Qatar

Doha

14,962,823

Design Studio

Goodwood Residence

Singapore

Singapore

14,601,167

Depa India RAK

ITC Grand Chola Guest

India

Chennai

14,415,724

El Diar

Dhafir Development

UAE

Abu Dhabi

13,482,584

Design Studio

Anderson 18

Singapore

Singapore

13,373,031

Design Studio

Goodwood Residence

Singapore

Singapore

11,745,964

Design Studio

Viva

Singapore

Singapore

11,135,095

Depa Syria

Yasmin Rotana

Syria

Damascus

11,025,000

Design Studio

5 Stones

Singapore

Singapore

10,620,872

PMYI

M Y Swift 141'

UAE

Abu Dhabi

10,502,505

Depa India

ITC Chennai 7 Stars Rooms

India

Chennai

10,204,861

Design Studio

Yishun S2

Singapore

Singapore

10,008,466

 

 

 

Total

1,721,638,134

 

---ENDS---

 

For further inquiries, please contact:

 

Depa Limited

Noor Sweid

Managing Director, Strategy

strategy@depa.com

Tel: +971 4 224 3800

 

 

Brunswick Gulf Ltd

Rupert Young / Jade Mamarbachi

depa@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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