Depa : FY 2024 - Results Announcement

About this update from Depa Plc

[{"type":"text","content":"\n RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024\n \n Depa PLC (\"Depa\"), the premier global interior solutions group, is pleased to announce its financial results for the year ended 31 December 2024.\n \n SUMMARY HIGHLIGHTS:\n \n \n Revenue\n \n \n Generated a strong revenue of AED 1,336.2 million, reflecting a significant rise from AED 1,093.6 million in FY 2023.\n \n \n Backlog\n \n \n Our backlog remains robust at AED 2,051.6 million, demonstrating consistent growth compared to AED 1,826.7 million in FY 2023.\n \n \n Cash position\n \n \n Maintained strong cash reserves, with cash and cash equivalents amounting to AED\n \n \n 305.6 million, reflecting an increase from AED 244.8 million in FY 2023.\n \n Nader Mardini, Interim Group Chief Executive Officer and Group Chief Financial Officer, remarked:\n \n \n \"We are proud to reflect on an excellent year of achievement in 2024. Our focus on delivering excellence across the UAE, KSA, and Europe has resulted in strong revenue growth and increased profitability. This success is a result of our focus on operational efficiency and outstanding client service.\n \n \n Our Key Business Units (KBUs) - Depa Interiors, Deco Group, and Vedder - have delivered exceptional results throughout the year.\n \n \n Looking forward to 2025 and beyond, our expansion into the Kingdom of Saudi Arabia remains a focus, with a strong pipeline of projects reporting excellent progress. The UAE fit-out market is also very promising, with a solid backlog of projects and further awards anticipated in 2025. Our European KBU, Vedder, has performed well, capitalizing on the increased activity in the yacht market and premium residential market in the United States of America, positioning the company for future growth.\"\n \n FINANCIAL REVIEW\n \n FINANCIAL PERFORMANCE\n \n Revenue\n \n \n \n Generated AED 1,336.2 million, up by AED 242.6 million (FY 2023: AED 1,093.6).\n \n \n Expenses\n \n \n Incurred AED 1,274.2 million, up by AED 193.5 million (FY 2023: AED 1,080.7 million).\n \n \n Net provisions\n \n \n Recorded net reversal of provisions for doubtful debts of AED 39.8 million (FY 2023: net provision for impairment of AED 51.3 million) primarily related to settlement with customers in Depa Interiors and Deco Group.\n \n \n Associates\n \n \n Contributed profit of AED 0.8 million (FY 2023: 2.0 million).\n \n ...

More updates from Depa Plc