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UAE’s Depa pays first dividend since 2010 after 343% 9M profit rise

UAE-based Depa has paid its first dividend since 2010 after recording a 343% year-on-year net profit rise for the first nine months of 2017

Depa has paid its first dividend since 2010 after registering a net profit of $35.2m (AED129.4m) in the first nine months of 2017.

The figure, calculated after non-controlling interest (NCI), represents a 343% year-on-year increase on the $8m (AED29.2m) net profit recorded during the corresponding period of 2016.

The UAE-headquartered interior design (ID) and fit-out company also recorded a 3% year-on-year rise in revenue, generating a total income of $333.6m (AED1.23bn) in the nine months leading to 30 September, 2017.

Commenting on the results, Hamish Tyrwhitt, group chief executive officer of Depa, said: “Depa’s results for the year to date reflect the group’s continued progress in executing our clearly defined business strategy, in conjunction with sound operational performance and management’s collection of long-outstanding receivables. This has resulted in the group materially strengthening its balance sheet, and further de-risking the business.

READ: Arabtec Holding appoints Hamish Tyrwhitt as CEO

“Reflecting these positive results, and in line with Depa’s objective to return long-term sustainable value to shareholders, this quarter Depa paid its first dividend since 2010,” Tyrwhitt added. “The outlook remains the most positive it has been for some time. This positive outlook, along with Depa’s market-leading positions and strong balance sheet, will allow [the company] to take full advantage of both organic and inorganic growth opportunities.”

In Q3 2017, Depa’s Deco Group was awarded fit-out contracts for several retail outlets in The Dubai Mall extension. Other companies within the group, including Vedder, Depa Interiors Group, and Design Studios, also performed well in 9M 2017, according to Depa.

At the end of Q3 2017, the group’s net cash position stood at $124.4m (AED456.9m). Its net cash, excluding restricted cash, was $80.4m (AED295.3m), up $65.5m (AED240.4m) compared to the $14.9m (AED54.9m) figure recorded at the end of September 2016.

Depa’s backlog stood at $550.8m (AED2.02bn) as of 30 September, 2017.

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