(MENAFN - Khaleej Times) Interior contracting firm depa on saturday declared a 27 per cent year-on-year increase in its net profit for the first quarter of 2014.
the company which fitted out burj khalifa and other iconic projects in the uae said it earned a dh14 million net profit in the january-march 2014 quarter compared to dh11 million in the same period last year. depa group’s revenue during the quarter increased by three per cent to dh461 compared to dh446 million in the similar period last year it added.
the company’s total assets reached dh3.22 billion at the end of the first quarter of 2014 from dh3.21 billion in december 2013. its cash at bank was down to dh389 million from dh399 million in december 2013.
“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” depa chairman hasan ismaik said in a statement.
depa said its overall backlog reduced to dh2.52 billion by march 31 2014 as against dh2.98 billion in the same period last year. in the uae it has a total backlog of dh630 million having improved by dh330 million year-on-year and accounting for 25 per cent of regional segmentation it said.
during the first three months of the year four contracts worth dh276 million were signed — two by depa’s german-based luxury yacht company vedder and two in the gcc.
“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 long-term value for our shareholders at the same time” he added.
during the first quarter hospitality continues to remain the leading sector increasing its value to 40.3 per cent over the last three months and now accounting for over dh1 billion of the total backlog. vedder signed up two new projects that has lifted the yacht segment to second place at 18.8 per cent to dh475 million with residential taking third at 17.9 per cent to dh451 million.
the company’s backlog in asia and the mena excluding the uae accounted for dh706 million (28 per cent) and dh643 million (25 per cent) respectively. europe has gained significantly increasing 19 per cent and taking its backlog to dh466 million compared to dh407 million in the same quarter last year. on depa’s financial position ismaik said: “we are in a strong financial position especially following the cash inflow we received from our operations during 2013 and the first quarter of 2014. we are now well-positioned to further strengthen our financial position by considering different financial solutions and capital restructurings.”
during the first quarter vedder took on two new interior contracting projects. the first is a full turnkey project while the second is for significant parts of the luxury areas of a yacht interior project and is vedder’s first interior project secured at amels in the netherlands. the contracts are collectively worth dh129 million.
in doha an interior decorating contract worth dh85 million was signed for a 16-floor government tower project. the project is due for completion in mid-2015.
in abu dhabi national bank of abu dhabi agreed an interior fit-out and renovation works of 25 branches worth dh62 million. the project will last until june 2015.