Depa reported a 3 per cent increase in group revenues to Dh461 million from Dh446 million in the first quarter of 2014. Gross profit grew 9 per cent to Dh62 million from Dh57 million over the same period and net profit after non-controlling interest was 27 per cent higher at Dh 14 million. The Company's total assets reached Dh3.22 billion at the end of the first quarter of 2014 and its cash at bank was Dh 389 million.
"We are encouraged by the solid start to the year both financially and operationally," said Hassan Ismaik, Chairman of
On Depa's financial position, Ismaik added: "We are in a strong financial position, especially following the cash inflow we received from our operations during 2013 and the first quarter of 2014, instead of relying on our financial resources, like what we did in 2012. We are now well-positioned to further strengthen our financial position by considering different financial solutions and capital restructurings."
Four prominent contracts were signed during the first quarter of the year; two by Vedder and two in the GCC. Vedder, Depa's German based luxury yacht company took on two new interior contracting projects. The first is a full turnkey project whilst the second is for significant parts of the luxury areas of a yacht interior project and is Vedder's first interior project secured at Amels in
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