Depa Group Operational Review

Depa’s backlog stands at AED 1,285 million on 31 December 2021 (2020: AED 1,508 million) following a number of major contract awards towards the end of the year, including significant superyacht fit-out projects in Vedder and a number of project awards in the Kingdom of Saudi Arabia for both Depa Interiors and Deco.

1,500

750

89

481

750

BACKLOG BY KEY BUSINESS UNIT

90

388

642 82

370

554 82

352

478 87

477

721 Deco Group Depa Interiors Vedder

DEC-20 MAR-21 JUN-21 SET-21 DEC-21

BACKLOG BY GEOGRAPHY

721

558

7 2,000

1,500

1,000

500

1,322 BACKLOG

1,120

1,008 905 1,285

DEC-20 MAR-21 JUN-21 SEP-21 DEC-21

BACKLOG BY PROJECT TYPE

721

106 2

277

108

71

Middle East

Europe

Asia Yachts & marine

Commercial

Economic infrastructure

Hospitality

Residential

Social infrastructure

outlook

The transaction with the Public Investment Fund enhances Depa’s long-term strategic prospects in the Middle East and its expansion plans for the Kingdom of Saudi Arabia. The overall market conditions in the Middle Eastern construction sector remain challenging, with the banking of the construction sector remaining a strong headwind.

The Group’s European business continues to benefit from its leading market position in its historically strong market; however, at this stage the consequences of the Ukraine war and related Russian sanctions on the Group’s European business and the global economy, more generally, are uncertain.