Depa reports 2% growth in H1 revenue

The company declared an interim dividend per share of UAE 2.6 fils


Depa Limited, a leading global interior solutions group, posted a revenue growth of 2 per cent in H1 this year to Dh852.2 million ($232 million) compared to Dh834.6 million ($227.21 million) during the same period last year.

The net profit declined to Dh35.8 million compared to Dh113.3 million in H1 2017, which had been positively impacted by the resolution of two major long outstanding receivables, the company said.

EBIT margin fell to 6 per cent from 15 per cent and earnings per share to 5 fils from 19 fils, also reflecting the positive impact of the resolution of two major long outstanding receivables in H1 2017.

The company reported a backlog of Dh1,890 million, up Dh96 million or 5 per cent on December 31, 2017. The backlog is supported by a strong pipeline of opportunities across the group’s addressable markets, it said.

The company declared an interim dividend per share of UAE 2.6 fils, up 4 per cent on H1 2017 (UAE 2.5 fils).

Hamish Tyrwhitt, group chief executive officer, commented: “Depa has continued to deliver both sound financial and operational performance in the first half of 2018. The group has announced several project awards in recent months, demonstrating the progress the group is making in building its backlog. 

"These project wins, with repeat clients, are further testimony to the reputation and market-leading position that the group’s key business units command," he said.

“The group continues to focus on driving efficiencies, productivity and encouraging innovation and harmonisation across the group’s key business units, along with winning projects capable of generating a cash-backed profit in our addressable market. With this positive result and our stated ten-driver strategy in place, we are now well on the path to achieving our goal of maximising long-term sustainable shareholder value,” he said.

Depa Group has continued its positive momentum into the first half of 2018, delivering a sound financial performance and securing several projects in the group’s addressable market, he added.

As part of Depa’s mission to maximise long-term, sustainable shareholder value, the group is moving ahead with disposal plans for non-core assets identified during the 2017 group-wide strategic review; with a disposal of Dh7 million completed in H1 2018. - TradeArabia News Service

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