Dubai’s Depa Reports Net Profit Of Dhs33m

Depa Limited, a MENA-based interior contracting company, has reported net profit of Dhs33 million for the first half of the year, up from a loss of Dhs110 million in the same period for 2012.

The Nasdaq Dubai-listed company, which fits luxury hotels and yachts, reported revenues for the period were up 22 per cent on last year at Dhs1.01 billion while its Abu Dhabi revenues increased 159 per cent to Dhs101 million from Dhs39 million a year earlier.

In a financial statement, Depa reported its total assets stand at Dhs3.16 billion, up from H1 2012 figures of Dhs2.95 billion and slightly up from the end of last year’s figure of Dhs3.14 billion.

“We committed to restructuring our operations during the downturn to position the business for the overall economic recovery,” said Mohannad Sweid, CEO of Depa Ltd.

“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.”

At the end of the first half of this year, Depa’s wholly-owned subsidiary Vedder acquired the assets of German-based Loher, a yacht and aircraft fit-out business.

The statement added the acquisition process will be completed in the third quarter of this year.