Depa revenues surge 36pc to $735m
Dubai, March 31, 2010
Depa Limited, one of the world’s leading interior contractors, has posted net revenues of Dh2.7 billion ($735 million) for 2009, an increase of 36 per cent, against Dh2 billion for 2008.
Net profit for the period rose 23 per cent to Dh240 million, compared to Dh194.5 million in 2008, prior to adjusting impairment losses on acquisitions.
Depa's board has recommended an 18 per cent increase in exceptional dividend to Dh0.13 per share against Dh0.11 per share in 2008, subject to AGM approval.
The company has announced over Dh2.1 billion in contracted backlog as of December 31, 2009. Depa’s backlog includes over 100 projects, of which the top 37 account for 91 per cent of the backlog.
Depa has continued an active geographic diversification strategy to reduce reliance on any one market – only 55.2 per cent of Depa’s 2009 backlog comprised of UAE projects. The company also increased its presence in high growth markets, such as Abu Dhabi and Saudi Arabia, and grew its South East Asian operations.
Depa Design Studio in Singapore is now the fastest growing business, which saw 2721 per cent revenue growth from Dh9 million in 2008 to Dh266 million in 2009, said a statement.
“As the Company enters 2010, we look forward to another year of strong revenues and earnings, albeit with flat growth when compared with 2009,” said Mohannad Sweid, CEO of Depa.
Overall, Depa completed Dh577 million in infrastructure contracts compared to Dh105 million in the previous year, including the complete fit out of 13 Dubai Metro stations.
The company expects 2010 revenues from infrastructure works to be as significant as in 2009.-TradeArabia News Service