Dubai - Mubasher: Depa Limited announced its financials for the first quarter of 2015 on Tuesday, reporting 7% growth in net profits after non-controlling interest (NCI) year-on-year to AED 15 million, despite a slight fall in revenue of 5% down to AED 440 million.
Depa said the revenue decline is in-line with its focus on the bottom line, “keeping gross margins stable at 13% and increasing the profitability further,” according to a statement.
The Nasdaq Dubai-listed firm added that the improvement in cash generation from operations is due to the timely certifications and aggressive collection of receivables, which has had a positive impact on the overall net cash position.
Depa’s backlog stabilised at around AED 2 billion. It continues to be driven by hospitality, yacht and residential sectors, the statement revealed, adding that the overall, MENA region makes up about half of the company’s backlog, while Asia has increased its share by 3% and Europe has declined by 4% y-o-y in relative terms.
