Backlog hits $575m at Dubai's Depa in 2018, but revenue remains flat

Backlog hits $575m at Dubai's Depa in 2018, but revenue remains flat
Hamish Tyrwhitt is exiting Depa Group.
Published: 25 April 2019 - 4 a.m.
By: Jack Ball

Revenues at Nasdaq Dubai-listed interior construction and manufacturing firm Depa Group remained flat in 2018 even as the value of its backlog grew 18% over 2017.

According to the firm’s 2018 financial results, revenue in 2018 stood at $490.57m (AED1.8bn), a minor change on the firm’s $490.02m revenue figure from 2017.

The value of Depa’s project backlog grew from 2017’s $488.4m (AED1.79bn) to reach $574.1m (AED2.1bn) in 2018.

Its net cash position stood at $30.2m (AED110.8m) following $26m (AED95.4m) in dividend payments.

The results come one month after it announced that group chief executive officer at Depa Group, Hamish Tyrwhitt, will step down from his position, effective 1 May, 2019.

According to a statement on Nasdaq Dubai at the time, Tyrwhitt will “assist with the planned and orderly transition and handover to his successor” until his departure.

Appointed group CEO in April 2016, Tyrwhitt will remain on Depa’s board as a non-executive director.

Speaking on the firm’s 2018 results, he said the group had “made steady progress in 2018”.

“All four key operating groups have contributed to the significantly improved backlog position with key project awards in the infrastructure, retail, and superyacht sectors,” he added.

Depa Group is one of the GCC’s biggest contractors in the construction and interior design space.

Depa Interiors, a business units of Depa Group, was named Sub-Contractor of the Year at the Construction Week Awards 2018, which were held at Dubai's five-star JW Marriott Marquis hotel in December.

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