Press Release DEPA REPORTS INTERIM RESULTS 2013 Dubai, UAE; 27 August 2013: Depa Limited (ticker: Depa) (“Depa” or the “Company”), one of the world’s leading interior contracting companies, today reported results for the six months period ended 30 June 2013.
FINANCIAL HIGHLIGHTS
AED 1.01 billion revenue (H1 2012: AED 825 million); up 22%
AED 33 million net profit after minority interest (H1 2012: net loss AED 110 million)
13% gross margin (H1 2012: 4%)
AED 3.0 billion backlog (H1 2012: AED 2.7 billion); up 11%
AED 240 million cash balance (H1 2012: AED 238 million)
AED 3.16 billion total assets (H1 2012: AED 2.95 billion)
OPERATIONAL HIGHLIGHTS
Over AED 1.3 billion in new contracts signed in H1 2013 (H1 2012: AED 940 million)
Contracts include AED 287 million project in Abu Dhabi; AED 169 million contract variation on KAPSARC; and AED 110 million private yacht in Spain
Saudi Arabia now accounts for AED 816 million of projects and 27% of total backlog
Singapore’s Design Studio posted revenues of AED 207.5 million and profits of AED 9.3 million in H1 2013; secured AED 490 million of new projects in Singapore and Malaysia
Mohannad Sweid, CEO of Depa Ltd, said: ““We committed to restructuring our operations during the downturn to position the business for the overall economic recovery. We did this by focusing on diversifying our geographical reach and increasing the flow of business in our core markets whilst streamlining our management and processes. These interim results are indicative of the strong performance and successful turnaround we have achieved. Our H1 2013 revenues are above AED 1 billion mark for only the second time in our history, we have posted a solid net profit and our backlog numbers remain strong.” FINANCIALS – RETURN TO PROFIT Depa reported revenues for the six months period ended 30 June 2013 of AED 1,010 million, a 22% rise on H1 2012 (H1 2012: AED 825 million). Most notably the Company witnessed 159% growth in Depa Abu Dhabi’s revenues, increasing them to AED 101 million in the first half of 2013 from AED 39 million in the same period last year. Other subsidiaries that achieved revenue of more than AED 100 million in H1 2013 include Depa Interiors, Design Studio, Depa Design Studio, and Lindner Middle 1