Depa net profit up 23 per cent in 2009
Depa Ltd., contractor for the interior fittings for the world's tallest tower in Dubai, forecasted the same growth in the profits as was during this year.
According to them their net income rose to 23%, 240 million dirhams ($65.4 million), prior to adjusting impairment losses on acquisitions, where as the revenue rose to 36 percent, 2.7 billion dirhams. This was attributed to its operations in Abu Dhabi and Asia.
Acknowledging the challenging economic climate to continue this year the company is entering the markets of Saudi Arabia and South East Asia. Chief Executive Officer, Mohannad Sweid, said, "We continue to diversify our operations, by geography and sector, and actively pursue horizontal and vertical acquisitions."
Dubai witnessed the world's worst plunge in the real estate as its selling prices fell by more than 50%, which pended about $330 billion of building projects.
In Dubai, Depa shares rose 1.4 percent to 71 cents, where as stocks jumped to 34% during the year. Depa has pended splitting its stock and redenominating it to U. A. E. dirham from the U. S. dollar and pended the shifting of Nasdaq Dubai processing platform to the Dubai Financial Market.
Last year, Depa had a backlog of more than 100 projects, worth over 2.1 billion dirhams. In the month of December, Depa's joint venture got a contract of 245 million-dirham for the 11 Metro stations of Dubai Metro's green line.
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