(MENAFN- Khaleej Times) Depa Limited, a leading interior contracting company in the Middle East, North Africa and Southeast Asia regions, has reported over Dh1.01 billion in revenues, an increase of 22 per cent.
Mohannad Sweid, CEO of Depa, said: "We committed to restructuring our operations during the downturn to position the business for the overall economic recovery. 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."
Depa reported revenues for the six months period ending June 30, 2013 of Dh1,010 million, a 22 per cent rise on the H1, 2012 revenues of Dh825 million. Most notably the company witnessed a 159 per cent growth in Depa Abu Dhabi's revenues, increasing them to Dh101 million in the first half of 2013 from Dh39 million in the same period last year.
Overall, the company's operations resulted in a gross profit of Dh131 million and a net profit after minority interest of Dh33 million, a significant increase as compared with a loss of Dh110 million in H1, 2012.
Depa also witnessed a major improvement in contract margins, with gross margins returning to a healthy average of 13 per cent, up from four per cent in H1, 2012. The general and administrative expenses of the company also decreased significantly to Dh88.5 million in H1, 2013 compared to Dh173.4 million in H1, 2012.
The balance sheet remains strong with total assets as on June 30, 2013 at Dh3.16 billion which is marginally up from total assets of Dh3.14 billion as at December 31, 2012.
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