Dubai's Depa returns to profit in H1

Depa CEO Mohannad Sweid.

Depa CEO Mohannad Sweid.

Depa Limited, the interior contracting firm which fitted out the Burj Khalifa, on Tuesday said it made AED33m net profit in the first half of 2013 compared to a AED110m loss in the same period last year.

The company posted AED1.01bn revenues for the first six months compared to AED825m in the year-earlier period, up 22 percent.

Depa's backlog of projects increased by 11 percent to AED3bn while total assets also rose to AED3.16bn, the company said in a statement.

It said over AED1.3bn in new contracts were signed in H1 including a AED287m project in Abu Dhabi and a AED110m private yacht in Spain.

Saudi Arabia now accounts for AED816m of projects and 27 percent of total backlog.

Mohannad Sweid, CEO of Depa Ltd, said: "We committed to restructuring our operations during the downturn to position the business for the overall economic recovery.

"These interim results are indicative of the strong performance and successful turnaround we have achieved. Our H1 2013 revenues are above AED1bn mark for only the second time in our history, we have posted a solid net profit and our backlog numbers remain strong."

He added that the company believes that it has "overcome the most difficult of times" and is now "well-positioned to capture the growth opportunities the GCC and the wider-market has to offer, across all the market segmentations".

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