{"id":49708,"date":"2017-03-26T19:35:19","date_gmt":"2017-03-26T12:35:19","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=49708"},"modified":"2017-03-26T16:49:12","modified_gmt":"2017-03-26T09:49:12","slug":"depa-reviews-business-units-as-it-returns-to-profit","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/depa-reviews-business-units-as-it-returns-to-profit\/","title":{"rendered":"Depa reviews business units as it returns to profit"},"content":{"rendered":"


\nFit-out contractor Depa has begun a “strategic review” of the businesses it owns as it returns to the black.The company, which reported a turnaround in its fortunes on Sunday, reversing a Dh272.7 million loss in 2015 into a Dh52m profit in 2016, has said that a review of all of its businesses and assets is taking place “with a view to maximising shareholder value creation and returns on equity”.The company attributed the turnaround in its net profit figure to a growth in its margins. Although turnover only grew by 5 per cent to Dh1.73 billion (2015: Dh1.64bn), its gross margin more than doubled to 19 per cent of sales, meaning gross profit grew to Dh324.1m, up from Dh152.7m a year earlier.Writing in Depa’s annual report filed on Nasdaq Dubai, the chief executive, Hamish Tyrwhitt, said that the group “will assess its holdings in each of its assets and determine the most appropriate course of action”.He said that the company plans to invest mainly in organic growth but was also “continually assessing inorganic or acquisitive opportunities against its strategic and financial objectives”.The company’s chairman, Ibrahim Belselah, said that Depa had a “transformative” year in 2016, having undergone a change in strategy embarked upon under Mr Tyrwhitt, who joined the firm in April last year. He set up a strategic management arm of the company in Business Bay but has left operational decisions to be taken within the individual business units. The company said that all of its businesses had performed well last year, most notably its “core” businesses that includes Dubai-based Depa Interiors and Deco Interiors, Singapore-based Design Studio, and German luxury fit-out specialist Vedder.Mr Tyrwhitt also said that the company had made “strong progress” in resolving legacy issues, including the collection of long-term debts.He said that solving the remainder of these “continues to be a key area of focus”.”With the momentum that has been built to date, the resolution of many of these items is expected over the course of 2017,” he said.Depa is looking to strengthen its balance sheet by gaining permission to offset some of its existing share premium account to wipe out historic losses, but has said that it will introduce a dividend policy starting from next year of paying out 25 to 50 per cent of annual earnings to shareholders. “The board recognises the importance of dividends as a form of shareholder value creation,” said Mr Tyrwhitt.mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Depa reviews business units as it returns to profit<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fit-out contractor Depa has begun a “strategic review” of the businesses it owns as it...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-49708","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-cVK","jetpack-related-posts":[{"id":49720,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/depa-weighs-up-unit-sales-in-review-as-ceo-considers-new-acquisitions\/","url_meta":{"origin":49708,"position":0},"title":"Depa weighs up unit sales in review as CEO considers new acquisitions","date":"March 26, 2017","format":false,"excerpt":"\r Depa could sell some business units as part of a strategic review, its chief executive has revealed.But it could also involve acquisitions to help grow more profitable lines, according to chief executive Hamish Tyrwhitt.\"Depa doesn't need to sell anything,\" he said. \"We're not a desperate seller to raise cash.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24286,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-interior-contractor-depa-posts-6-per-cent-rise-in-h1-profit\/","url_meta":{"origin":49708,"position":1},"title":"Dubai interior contractor Depa posts 6 per cent rise in H1 profit","date":"August 29, 2016","format":false,"excerpt":"\r Dubai-based Depa returned to profitability during the first six months of 2016 following a revamp of its operations.The interior contracting company posted a 6 per cent year-on-year increase in profit attributable to its owners of Dh15.4 million, despite an 8 per cent fall in revenue to Dh772.2m.The company, which\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54729,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/geographic-diversity-and-new-contracts-drive-depa-q1-profit\/","url_meta":{"origin":49708,"position":2},"title":"'Geographic diversity' and new contracts drive Depa Q1 profit","date":"May 14, 2017","format":false,"excerpt":"\r Dubai-listed interiors contractor Depa reported a jump in first-quarter profit as it secured new contracts. Net profit during the first three months jumped by 170 per cent to Dh23.5 million. Revenue grew by 15 per cent to Dh369.5m, year-on-year. The \"geographic diversity of the group\" helped drive growth last\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24312,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/depa-chief-executive-says-dubai-fit-out-contractors-restructuring-aimed-for-clearer-strategy\/","url_meta":{"origin":49708,"position":3},"title":"Depa chief executive says Dubai fit-out contractor's restructuring aimed for clearer strategy","date":"August 29, 2016","format":false,"excerpt":"\r The chief executive of Dubai fit-out contractor Depa has said its restructuring has been aimed at adopting a clearer strategic focus.Hamish Tyrwhitt, who was appointed as chief executive in April, has overseen the creation of six separate operating companies overseen by a new \"strategic management company\" that will set\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36150,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/depa-turns-a-profit-over-nine-months\/","url_meta":{"origin":49708,"position":4},"title":"Depa turns a profit over nine months","date":"November 27, 2016","format":false,"excerpt":"\r Depa, the Dubai-based interiors contractor that fitted out Burj Khalifa, said that it turned profitable in the first nine months of the year compared to the same period last year amid cost cuts. Net profit rose to Dh29 million in the first nine months compared to a loss of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":80795,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearson-returns-to-profit-as-turnaround-continues\/","url_meta":{"origin":49708,"position":5},"title":"Pearson returns to profit as turnaround continues","date":"February 23, 2018","format":false,"excerpt":"\r \r \r Source : telegraph.co.uk\r Read more...Pearson returns to profit as turnaround continues","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/49708"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=49708"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/49708\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=49708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=49708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=49708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}