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Depa Group Operational Review
from 2022 Annual Report
by Depa Group
The Group's performance in 2022 improved compared to 2021, with Depa Interiors Group, Vedder and Deco Group all delivering a net profit for the year.
The Kingdom of Saudi Arabia was identified as a key growth country in the prior year for Depa Interiors, Deco and Carrara businesses. Increased focus on this market has resulted in the Group securing a number of new wins in the Kingdom of Saudi Arabia, with Depa Interiors and Deco securing a number of notable projects in 2022.
Outlook
The construction industry in the Middle East has been facing a challenging market situation in recent years. Despite the challenges, the construction industry remains a key driver of economic growth in the Middle East.
The transaction with the Public Investment Fund has led Depa to achieve growth in the Kingdom of Saudi Arabia and has also enhanced Depa’s long-term strategic prospects in the Middle East. The Group’s European business continues to benefit from its leading market position. However, due to the devaluation of the Euro in 2022, the results of the business have been affected negatively. Further, margins have decreased in the European sector due to energy shortage in Europe, and shift in the customer profile due to the Russia / Ukraine crisis.