By Sarah Blackman www.constructionweekonline.com
Depa, a leading interior contractor, has recorded a H1 net profit of US $25 million, marking a 65% increase on profits made in the same period last year.
The firm, which has designed interiors for projects such as the Burj Dubai and the Dubai Metro, compared the figure to the profit of $15 million made during the first six months of 2008.
Depa’s contract income is up 49% from last year and its profit margin has increased to 8.3%, compared to 7.5% in 2008.
“Depa’s strong performance in terms of revenue and profit growth is driven by prestigious contract wins across target markets and our backlog has increased significantly compared to the same period last year,” said Depa CEO Mohannad Sweid.
“We continue to diversify revenues away from Dubai and the hospitality sector and focus on infrastructure which is counter-cyclical.”
According to Depa, it is also on track to reach its target of around 30% profit and revenue growth for the full year.
The company’s current backlog now stands at a total of 190 projects.
Depa has said is on track to complete fit-out works for Dubai Metro’s red line stations.
