|22 October, 2018

Depa's German arm lands two yacht deals

Fit-out deals for subsidiary Vedder are worth over $41 million

Depa's German arm lands two yacht deals

Dubai-based interior fit-out group Depa has annouced that its German-based business unit, Vedder, has landed two new contracts worth 36 million euros ($41.4 million) to fit out two new superyachts.

Vedder specialises in luxury interior fit-outs of yachts, private jets and luxury apartments. It will be solely responsible for both fit-outs, which Depa Group chief executive Hamish Tyrwhitt said was "testament to Vedder’s unparalleled project delivery, timely execution and quality of craftsmanship”.

“Vedder’s backlog remains at record level, whilst its continued operational improvement ensures that Vedder is well prepared for additional projects to come,” Tyrwhitt said in the statement.

In August, Depa reported a 2 percent year-on-year increase in revenue for the first half of 2018 to 852.2 million United Arab Emirates dirhams ($232 million), although profit dropped by 68 percent to 35.8 million UAE dirhams, which Depa said was due to the fact that it had recouped two large, outstanding debts in the first half of 2017.

On Sunday, the company also reported that its Singaporean arm, Design Studio Group, is likely to report a loss both for the third quarter of 2018 and for the full year due to cost overruns and a provision made against a project in the United Arab Emirates. Depa has said that it will publish a market update on November 4.

Depa Group's shares closed flat at 0.95 dirhams on Monday and are 12.5 percent lower in the year to date, according to Eikon.

(Writing by Michael Fahy; Editing by Shane McGinley)

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