RNS Number : 8134S
Depa Limited
26 May 2009
Depa Limited
Q1 2009 Contracted Backlog Update
Dubai, 26 May 2009 - Depa Limited (ticker DEPA) ('Depa' or 'the Company'), one of the world's leading interior contracting companies, today issues a breakdown of the core constituents making up its strong contracted backlog. The Company recently confirmed that it has a backlog of approximately AED 3.2 billion as of 31 March 2009, constituting 154 projects. Depa plans to issue this breakdown on a quarterly basis.
Depa's largest 31 projects, listed below, constitute 80 percent of the Company's current backlog and show a diversified list of projects by geography and type. In line with its strategy, Depa continues to reduce dependence on both the Dubai market as well as the hospitality sector, the latter by increasingly focusing on refurbishment and infrastructure projects, which are counter-cyclical in a downturn.
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Project Name
|
Value as of 31/3/09
(AED millions)
|
Location
|
|
Dubai Metro - Red Line
|
310
|
Dubai
|
|
Mazagan Villas
|
173
|
Morocco
|
|
Marina Bay Sands Tower 1
|
151
|
Singapore
|
|
Palazzo Versace
|
135
|
Dubai
|
|
Burj Dubai
|
130
|
Dubai
|
|
Sentosa Island Resort
|
112
|
Singapore
|
|
City Center-Doha, Contract 1
|
110
|
Doha
|
|
Mazagan Resort
|
110
|
Morocco
|
|
Crown Plaza & Stay Bridge Hotels
|
105
|
Abu Dhabi
|
|
Al Wahda Sport City - Fit Out
|
95
|
Abu Dhabi
|
|
Marina Hotel
|
90
|
Abu Dhabi
|
|
Arcapita
|
81
|
Bahrain
|
|
East Hotel - Mall of the Emirates
|
75
|
Dubai
|
|
Al Meydan Development
|
71
|
Dubai
|
|
Rotana & Centro Hotels
|
63
|
Abu Dhabi
|
|
Private yacht
|
61
|
Germany
|
|
Project Name
|
Value as of 31/3/09
(AED millions)
|
Location
|
|
Private residence
|
58
|
Morocco
|
|
Private Yacht
|
49
|
Germany
|
|
Centro Hotel
|
47
|
Sharjah
|
|
Kempinski Nile Hotel
|
45
|
Egypt
|
|
Marina Bay Sands - Package 2
|
44
|
Singapore
|
|
Al Wahda Sport City - FF&E
|
44
|
Abu Dhabi
|
|
Burj Dubai Medical Center
|
42
|
Dubai
|
|
Materials Supply
|
40
|
India
|
|
Entertainment Venue
|
32
|
Abu Dhabi
|
|
Private Yacht
|
30
|
Germany
|
|
Centro Hotel Barsha
|
30
|
Dubai
|
|
Ministery of Defense and Aviation
|
29
|
Saudi Arabia
|
|
MBS VIP Suites
|
29
|
Singapore
|
|
Crown Plaza
|
27
|
Saudi Arabia
|
|
City Center-Doha, Contract 2
|
26
|
Qatar
|
|
TOTAL
|
2,444
|
|
The remaining 20 percent of Depa's backlog consists of 123 projects with an average value of AED 6 million, varying between AED 1 million and AED 25 million.
Depa's backlog consists entirely of projects that are already at the advanced construction stage. Being at the end of the development chain, Depa typically moves on site to finish the building for occupation and hence, at a stage where the project is extremely unlikely to be cancelled, such as Burj Dubai. Payments from clients have not deteriorated and remain in line with historical practices.
-End-
For further inquiries, please contact:
|
Depa Limited
Noor Sweid
Managing Director, Strategy
Tel: +971 4 224 3800
noor.sweid@depa.com
|
Brunswick Gulf Ltd
Azadeh Varzi
|
About Depa Limited
Depa Limited is a leading interior contracting company in the Middle East, North Africa and Southeast Asia regions. Operating principally in the luxury fit-out industry, its main areas of business cover 5 star hotels, high-end residential properties, retail outlets, yachts, as well as public sector amenities such as hospitals and airports. Depa is listed on the NASDAQ Dubai (ticker DEPA) and has Global Depositary Receipts on the regulated market for listed securities of the London Stock Exchange plc (ticker DEPA and DEPS).
The range of business activities performed by Depa comprises:
-
Interior contracting: which focuses on luxury interior fit-out services, which include installation and finishing of floors, walls, ceilings, fixed joinery, panelling, wood-works, doors and frames;
-
Manufacturing: which comprises a network of factories and joineries which produce customized furniture, fixtures and equipment (FF&E);
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Procurement: which involves the procurement of supplies and materials from third parties to support and complement Depa's interior contracting and manufacturing operations as well as third party procurement contracts for specific FF&E projects.
By integrating these services into a single package, Depa provides clients with comprehensive and customized interior contracting solutions.
With more than 8,000 employees worldwide, the company operates through an integrated network of subsidiaries, affiliates and representative offices located in the UAE, Saudi Arabia, Qatar, Egypt, Jordan, Syria, Libya, Morocco, India, Malaysia, Thailand, China, Singapore, UK, the Netherlands, and the United States. Through this network, Depa has successfully executed large and complex projects in over 16 countries including the Burj Al Arab Hotel (Dubai), Emirates Palace (Abu Dhabi), the Museum of Islamic Art (Doha), Four Seasons Hotels (Sharm El Sheikh & Mumbai) and Mazagan Resort (Casablanca).
For more information, please refer to the corporate website: www.depa.com
This information is provided by RNS
The company news service from the London Stock Exchange
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