Vedder Operational Review

Vedder, the Group’s European key business unit, specialising in the superyacht, residence fit-out and private jet market, generated revenue of AED 419.9 million and profit of AED 24.6 million, an increase in revenue of AED 46.8 million or 13% on 2020 (AED 373.1 million) and an increase in profit of AED 3.4 million or 16% on 2020 (AED 21.2 million). Vedder achieved strong revenue growth in 2021 on the back of significant backlog growth during 2019 and 2020. Exterior packages contributed approximately 8% of Vedder’s revenue for 2021 following an increased focus on this sector in recent years. Improved profitability is partly due to the impact of Covid-19 on 2020 results.

While the lockdown restrictions in Europe during the first half of the year resulted in a slow-down in project awards, fourth quarter wins meant Vedder ended the year with in-excess of AED 400 million worth of new wins. These new wins include the award of four new-build superyacht interior packages, demonstrating Vedder’s continued position as market leader in the superyacht fit-out sector.

Vedder successfully completed and handed over a number of projects during the year, including both the interior and exterior package of a prominent new-build superyacht and a number of refit and smaller packages.

REVENUE

373.1 419.9

FY2020 FY2021 EBIT

40

20

0

32.1 37.3

FY2020 FY2021