UAE’s Depa records 484% YoY net profit hike in H1 2017

Depa's net profit soared to $30.8m (AED113.3m), up by 484% from last year’s $5.3m (AED19.4m), reportedly generating basic earnings per share of $0.05 (AED0.19)

Depa recorded an 8% YoY revenue hike in H1 2017 [representational image].
Depa recorded an 8% YoY revenue hike in H1 2017 [representational image].

Dubai-headquartered interior solutions group, Depa Limited, has posted its financial report for the first half of the year, ending 30 June, 2017.

In a statement summarising its financial results for the period, Depa said that it recorded an 8% year-on-year (YoY) growth in its revenue, which went up to $227.2m (AED834.6m) from $210.2m (AED772.2m) in H1 2016.

Meanwhile, its net profit soared to $30.8m (AED113.3m), up by 484% from last year’s 5.3m (AED19.4m), reportedly generating basic earnings per share of $0.05 (AED0.19).

The company noted that the resolution of material legacy items helped bolster its financial results for H1 2017. It added that it has completed the reorganisation of its balance sheet, enabling payment of dividends.

Hamish Tyrwhitt, group chief executive officer, commented: “Depa’s H1 2017 results reflect the Group’s continuing progress in executing our clearly defined business strategy.

“The Group’s success is a result of sound operational performance, combined with management’s resolution of a number of legacy items. This combination has seen the Group materially improve its already strong balance sheet and, at the same time, further de-risk the business. 

He continued: “In line with Depa’s objective to return long term sustainable value to shareholders, Depa is declaring an interim dividend of $0.007 (AED0.025) per share. 

”As the Group moves into the next phase of its strategy, focused on sustainable top and bottom line growth, the outlook remains the most positive it has been for some time. This will allow Depa to take advantage of both organic and inorganic growth opportunities.” 

Dividends will be paid on 21 September, 2017 to shareholders listed on the Register of Shareholders at close of business on 8 August, 2017, said Depa.

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