Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- Depa Q1 profit climbs 27% to Dh14 million  Join our daily free Newsletter

MENAFN - Khaleej Times - 18/05/2014
No. of Ratings : 0
Add to Mixx!



(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.

— abdulbasit?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Jan 27 2015 - Saudi- Dawn of a new era under King SalmanArab News
(MENAFN - Arab News) A new era dawned in Saudi Arabia on Monday under the leadership of Custodian of the Two Holy Mosques King Salman as citizens across the country expressed their confidence in the ...

 Jan 27 2015 - Saudi- Salman Obama set for strategic talksArab News
(MENAFN - Arab News) Custodian of the Two Holy Mosques King Salman will hold talks in Riyadh on Tuesday with US President Barack Obama on major regional and international issues a Royal Court ...

 Jan 27 2015 - SAGIA: Smooth transition highlights KSA's stabilityArab News
(MENAFN - Arab News) Saudi Arabia is committed to creating a world-class environment for investors said Abdullatif A. Al-Othman governor of the Saudi Arabian General Investment Authority.'The smooth ...

 Jan 27 2015 - Israeli Navy Sinks Palestinian Fishing Boat in Gaza, Kidnaps 4 FishermenQatar News Agency
(MENAFN - QNA) A Palestinian fishing boat drowned after Israeli navy ships fired rounds of live ammunition at it in Palestinian waters, west of Gaza city. The soldiers also kidnapped four ...

 Jan 27 2015 - Iraqs Shiite militias killed 70 civilians after IS rollback: Sunni leadersArab News
(MENAFN - Arab News) BAGHDAD: Sunni politicians and tribal chiefs from Iraq's eastern Diyala province accused Shiite militias on Monday of killing more than 70 unarmed civilians who had fled clashes ...

 Jan 27 2015 - Saudi- Infrastructure investment to continueArab News
(MENAFN - Arab News) Heavy spending on infrastructure education training and job creation initiatives would continue under Custodian of the Two Holy Mosques King Salman an expert said here.Mazen ...

 Jan 27 2015 - Saudi- Courts have SR6bn backlog of finance casesArab News
(MENAFN - Arab News) The Ministry of Justice has called on judges to deal with lawsuits involving commercial papers and other financial instruments even if these documents do not have the prescribed ...

 Jan 27 2015 - Saudi- SCTA suspends ongoing tourism festivalsArab News
(MENAFN - Arab News) The Saudi Commission for Tourism and Antiquities (SCTA) has decided to suspend the ongoing and planned tourism festivals in the Kingdom to mark the death of King Abdullah who ...

 Jan 27 2015 - Stray bullet hits boy 5 in RiyadhArab News
(MENAFN - Arab News) A five-year-old boy is in intensive care at a hospital in Riyadh after being struck by a stray bullet which is now lodged in his skull.Sultan bin Berm bin Abdul Aziz is being ...

 Jan 27 2015 - Saudi- Crown Prince Muqrin 'saved my daughter'Arab News
(MENAFN - Arab News) A 60-year-old Madinah woman says Crown Prince Muqrin saved the life of her daughter when he was governor of the city.Umm Mohammed a resident of Al-Ais province in Madinah said ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help