Dubai-based company that worked on the interiors of the Burj Khalifa posts big fall in net profit despite revenues boost
Depa, the Dubai-based company that worked on the interiors of the Burj Khalifa, the world's tallest building, has announced that revenues have increased by 5 percent over the first nine months of 2018.
Revenues totalled more than AED1.28 billion, up AED61.7 million on the same period in 2017, the company said in a statement.
The group said it recorded net profit after non-controlling interests of AED36.2 million, down from AED129.4 million which included the positive impact of the resolution of two major long-outstanding receivables.
It added that its financial position remains strong with net cash of AED126 million while Depa’s backlog grew to over AED2 billion, up 15 percent on the end of 2017.
European unit Vedder secured their largest project to date worth more than AED130 million and secured the fit-out of three new-build superyachts while Depa Interiors has a pipeline of prospective work including multiple projects connected to the Dubai Expo 2020 development.
The company added that Design Studio Group (DSG), Depa's Asian business unit, was affected by cost overruns from delays on a Dubai-based project and a provision for costs relating to its plans to restructure its Malaysian factory.
Hamish Tyrwhitt, Group CEO, said: “The group, as a whole, has made considerable progress during the first nine months of this year with some significant project wins building the group’s backlog. The group continues to focus on winning projects capable of generating cash-backed profits in our core addressable markets and maximising long-term sustainable shareholder value.”