Depa registers 24% surge in 2009 earnings

Dubai-based interiors contractor Depa yesterday said its net profit for 2009 rose 24 per cent while revenue grew by more than a third. It sees similar figures for both in 2010.

Depa, which listed shares on the Dubai Financial Exchange in April 2008, said profits for the year were Dh241 million ($65.61m) from Dh194.5m in 2008, with revenue increasing to Dh2.7 billion from Dh1.97bn.

"Although we are seeing signs of recovery, we believe that 2010 will also be extremely tough and we are further streamlining our business to strengthen our ability to cope with difficult market conditions," the firm's Chief Executive Mohannad Sweid said in a trading statement.

The firm is continuing its acquisition and investment strategy as planned and pursuing strategic expansion opportunities this year, the statement said.

Depa's backlog of projects stood at Dh2.1bn at the end of 2009, it said.

One of its most prestigious projects was Emaar Properties' Burj Khalifa, the world's tallest tower.

Last year, Depa started operations in Angola and Jordan, and strengthened its operations in Qatar and Saudi Arabia.

More contractors in the UAE have announced plans to expand into North Africa and across the Gulf in an effort to diversify their income. The firm's net cash position was Dh336 million for the year, down from Dh343.3m in 2008, it said.

 

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