Depa Interiors Operational Review

from Depa PLC Annual Report 2021

Vedder Operational Review

Depa Interiors is the Group’s Middle Eastern business providing fit-out services to the hospitality, residential, commercial, and transport and civil infrastructure sectors. Depa Interiors generated revenue of AED 254.2 million (2020: AED 411.1 million) and a loss of AED 31.0 million (2020: AED 257.3 million).

While Depa Interiors’ overall financial performance greatly improved on 2020 and it generated a profit in the first half of 2021, project extensions on a number of projects that are nearing completion had a negative impact on 2021 results.

Management have continued to focus on cash collection and successfully collected a number of legacy receivable balances during the year including a large balance relating to the Meydan project.

Depa Interiors’ delivered a number of key projects during 2021 including a prominent hospitality project on the Dubai shoreline, a fitout package in a high-profile Expo 2020 pavilion and a commercial project for a UAE based airline.

The Kingdom of Saudi Arabia is regarded as a key market for Depa Interiors and an increased focus on this market has resulted in the award of two significant hospitality projects, one in Jeddah and one worth approximately AED 100 million within one of the Kingdom of Saudi Arabia’s well-known giga projects. Depa Interiors also continues to win UAE based work, securing a hospitality package within a high-profile mixed-use development tower in Dubai towards the end of the year.