Dubai – Mubasher: Depa Limited said that, despite last year's encouraging performance, its outlook for the fiscal year 2015 remains cautious.
“Notwithstanding some positive sentiment, the global economy is still volatile and there is continued uncertainty over commodity prices, impacting both public and private sector spending,” said the company.
“However, the 5% year-on-year increase in gross margin is indicative that the right strategic approach has been implemented.” Depa added that it will continue to focus on quality, geographical diversification and operational efficiencies which will continue to deliver healthy margins and value to all stakeholders in FY15 and beyond.
The company, which is listed on NASDAQ Dubai, said Wednesday it turned to profit in FY14, after logging losses in two successive years.
The leading interior contracting solutions provider posted AED 49.12 million ($13.367 million) in net profits for FY14, against AED 143.517 million ($39.05 million) in losses a year earlier.
Meanwhile, net profits after minority interest amounted to AED 44 million, versus AED 131 million in net losses after minority interest in FY13, according to the company’s statement.
According to Depa’s statement, the MENA region remains the top geographical revenue contributor, with just over 50% of the group's revenue coming from the UAE, Qatar, Saudi Arabia, Morocco and other countries in the region.
