Depa : FY 2024 - Investor Presentation

About this update from Depa Plc

[{"type":"text","content":"\n \n ‌DEPA PLC\n \n \n FY2024 FINANCIAL RESULTS\n \n \n \n 1\n \n AED million\n \n \n FY 2024\n \n \n FY 2023\n \n \n Change\n \n \n \n Revenue\n \n \n \n 1,336.2\n \n \n \n 1,093.6\n \n \n \n 242.6\n \n \n Expenses\n \n \n (1,274.2)\n \n \n (1,080.7)\n \n \n (193.5)\n \n \n (Reversal) / provision for impairment on financial and contract assets, net\n \n \n 39.8\n \n \n (51.3)\n \n \n 91.1\n \n \n Share of profit from associates\n \n \n 0.8\n \n \n 2.0\n \n \n (1.2)\n \n \n Gain on liquidation of a subsidiary\n \n \n -\n \n \n 8.0\n \n \n 8.0\n \n \n Profit / (loss) before interest and tax\n \n \n 102.6\n \n \n (28.4)\n \n \n 131.0\n \n \n Net - finance cost\n \n \n (1.3)\n \n \n (4.1)\n \n \n 2.8\n \n \n Profit / (loss) before tax\n \n \n 101.3\n \n \n (32.5)\n \n \n 133.8\n \n \n Income tax expense\n \n \n (13.5)\n \n \n (11.9)\n \n \n (1.6)\n \n \n Profit / (loss) for the year\n \n \n 87.8\n \n \n (44.4)\n \n \n 132.2\n \n ‌Summary Income Statement\n \n \n Overall group's revenue has increased by AED\n \n \n 242.6 million (22.2%) due to strong growth recorded by Depa Interiors Group and Deco Group.\n \n \n Group's EBIT has increased by AED 131.0 million to AED 102.6 million mainly due to increase in gross margin and net reversal of provision of impairment of financial and contract assets.\n \n \n Net reversal of provision of impairment on financial and contract assets primarily relates to Depa Interiors Group and Deco Group. During the year, the Group engaged with the customers to recover outstanding receivable balances amounting to AED 41.2 million.\n \n \n Net profit has increased by AED 132.2 million to AED 87.8 million due to increase in EBIT and increase in finance income earned during the year.\n \n \n ‌Summary Balance Sheet\n \n AED million\n \n \n 31-Dec-24\n \n \n 31-Dec-23\n \n \n Change\n \n \n \n Cash and cash equivalents 1\n 305.6\n \n \n \n 244.8\n \n \n \n 60.8\n \n \n Restricted cash 1\n 80.4\n \n \n 29.5\n \n \n 50.9\n \n \n Fixed deposits 1\n 0.0\n \n \n 0.7\n \n \n (0.7)\n \n \n Trade and other receivables\n \n \n 432.1\n \n \n 286.4\n \n \n 127.7\n \n \n Due from construction contract customers\n \n \n 132.7\n \n \n 150.7\n \n \n (18.0)\n \n \n Inventories\n \n \n 28.2\n \n \n 37.1\n \n \n (8.9)\n \n \n Total current assets\n \n \n 979.0\n \n \n 749.2\n \n \n 211.8\n \n \n Contract retentions\n \n \n 82.9...

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