Press Release
DEPA REPORTS 27% INCREASE IN NET PROFIT DURING Q1 2014
Group revenues up to AED 461 million
Dubai, UAE; [15] May 2014: Dubai, UAE; Depa Limited (Nasdaq Dubai: Depa), one of the world’s leading interior contracting companies, today issued a first quarter trading update for the period ended March 31 2014. Depa reported a 3% increase in group revenues to AED 461 million (Q1 2013: AED 446m), with gross profit up 9% to AED 62 million (Q1 2013: AED 57m) and net profit after non-controlling interest was 27% higher at AED 14 million (Q1 2013: AED 11m). The Company’s total assets reached AED 3.22 billion at the end of Q1 2014 (Dec 2013: AED 3.21bn) and its cash at bank was AED 389 million (Dec 2013: AED399m). As of 31 March 2014, Depa’s backlog was AED 2.52 billion, in line with the AED 2.53 billion announced at year end 2013 and down from Q1 2013’s AED 2.98 billion. Segmentally, hospitality continues to remain the leading sector, increasing its value to 40.3% over the last three months and now accounting for over AED 1 billion of backlog. Vedder signed up two new projects which has lifted the yacht segment to second place at 18.8% (AED 475m) with residential taking third at 17.9% (AED 451m). UAE has a total Backlog of AED 630 million, having improved by AED 330 million year-on-year (Q1 2013: AED 300m) and accounting for 25% of regional segmentation. Meanwhile, Asia and MENA (ex– UAE) accounted for AED 706 million (28%) and AED 643 million (25%) respectively. Europe has gained significantly, Increasing to 19% and taking its backlog to AED 466 million (Q1 2013: AED 407m). Hasan Ismaik, Chairman of Depa Limited commented: “We are encouraged by the solid start to the year both financially and operationally. We have posted a net profit and an increase in both group revenues and gross profits. Our backlog has also been enhanced on the back of our recent strategic and operational restructuring and the efficiency it has had on our business and bottom line. We remain focused on delivering further restructuring initiatives in the coming period, as we look forward to set a long-term plan that would help us maximise our group revenues, and create longterm value for our shareholders at the same time.”
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