{"id":54729,"date":"2017-05-14T23:51:03","date_gmt":"2017-05-14T16:51:03","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=54729"},"modified":"2017-05-14T22:09:46","modified_gmt":"2017-05-14T15:09:46","slug":"geographic-diversity-and-new-contracts-drive-depa-q1-profit","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/geographic-diversity-and-new-contracts-drive-depa-q1-profit\/","title":{"rendered":"'Geographic diversity' and new contracts drive Depa Q1 profit"},"content":{"rendered":"


\nDubai-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 quarter, Hamish Tyrwhitt, Depa’s group chief executive, told The National.”All four key business units performed well,” he said. “We have never planned to sell any of our core business units [but] we do have several non-core investments and holdings that we are reviewing to ensure we continue to add the best value to the company for our shareholders.”
\nIts shares were flat from last week’s close at 36 cents. That is slightly down from 37 cents a year ago. During the period, the group completed projects such as the Robinsons department store at Dubai Festival City and the retail fit-out for a US electronics brand in Dubai Mall done by Depa’s Dubai-based unit Deco Group. The group also bagged new contracts, including a project for a government ministry in Jeddah, a luxury hotel in Dubai, a private yacht project in Germany and the fit-out of the Dolce and Gabbana store at Dubai Mall.
\nDepa’s various units include Germany-based interior designer Vedder and Singapore-listed furniture manufacturer Design Studio. Depa Interiors Group, based in Dubai, “resolved a number of legacy receivables and continues to make positive progress in respect of a number of other key receivables”, the group said in a statement to Nasdaq Dubai where it is listed. The group’s net cash at the end of March was Dh324.9m, up by 128 per centfrom a year earlier. The backlog at the end of the first quarter reached Dh2.247 billion, up by Dh87m, or 4 per cent, from Dh2.16bn year-on-year.
\n“The quality and strength of Depa’s existing backlog, a solid pipeline of prospective new work and a strong net cash position, ensure the group is well placed to compete in its core markets and navigate risk,” Mr Tyrwhitt said in the statement. ssahoo@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…‘Geographic diversity’ and new contracts drive Depa Q1 profit<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai-listed interiors contractor Depa reported a jump in first-quarter profit as it secured new contracts....<\/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-54729","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-eeJ","jetpack-related-posts":[{"id":49708,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/depa-reviews-business-units-as-it-returns-to-profit\/","url_meta":{"origin":54729,"position":0},"title":"Depa reviews business units as it returns to profit","date":"March 26, 2017","format":false,"excerpt":"\r Fit-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\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":54729,"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":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":54729,"position":2},"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":49720,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/depa-weighs-up-unit-sales-in-review-as-ceo-considers-new-acquisitions\/","url_meta":{"origin":54729,"position":3},"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":36150,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/depa-turns-a-profit-over-nine-months\/","url_meta":{"origin":54729,"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":81414,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-developer-sino-land-to-give-special-dividend-after-core-profit-rises-by-218-per-cent\/","url_meta":{"origin":54729,"position":5},"title":"Hong Kong developer Sino Land to give special dividend after core profit rises by 218 per cent","date":"February 28, 2018","format":false,"excerpt":"\r Hong Kong developer Sino Land said on Wednesday it will pay out a special dividend after posting a 218.6 per cent jump in underlying profit for the July to December period. Its earnings were helped by a one-off gain from the disposal of a development in Chengdu, which also\u2026","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\/54729"}],"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=54729"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/54729\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=54729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=54729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=54729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}