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Depa H1 profits up by a whopping 484%

dubai - Net profits in H1 2017 hits Dh113.3 million from Dh19.4 million

Interior solutions firm Depa Limited's net profits in the first half of 2017 jumped 484 per cent to Dh113.3 million from Dh19.4 million in the corresponding period last year on the back of strong operational results.

The company announced an interim dividend of Dh0.025 per share as its earnings per share rose to Dh0.19 from Dh0.03. Its revenues rose eight per cent year on year to Dh834.6 million from Dh772.2 million.

Listed on Nasdaq Dubai, the strong results pushed the company's shares higher by seven per cent to $0.396 on Sunday.

"The company's success is a result of sound operational performance, combined with the management's resolution of a number of legacy items," said Hamish Tyrwhitt, group CEO, Depa.

Commenting on the outlook for the second half of this year, Tyrwhitt said the group expects to generate reasonable growth as compared with H2 last year.

On June 30, 2017, the group's backlog totalled Dh2.037 billion.

Last week, Al Futtaim Capital became the biggest shareholder of Depa after increasing its stake in the company to 26.6 per cent up from nearly 14 per cent in the previous week.

- waheedabbas@khaleejtimes.com