Dubai-based interiors contractor Depa Ltd said on Tuesday its net profit for 2009 rose 24 percent while revenue grew by more than a third, and sees similar figures for both in 2010.
Depa, which listed shares on the Dubai Financial Exchange in April 2008, said profits for the year were 241 million dirhams ($65.61 million) from 194.5 million dirhams in 2008, with revenue increasing to 2.7 billion dirhams from 1.97 billion.
“Although we are seeing signs of recovery, we believe that 2010 will also be extremely tough and we are further streamlining our business to strengthen our ability to cope with difficult market conditions,” the firm’s chief executive Mohannad Sweid said in a trading statement.
The firm is continuing its acquisition and investment strategy as planned and pursuing strategic expansion opportunities this year, the statement said.
Depa’s backlog of projects stood at 2.1 billion dirhams at the end of 2009, it said.
One of its most prestigious projects was Emaar Properties’ Burj Khalifa, the world’s tallest tower.
Last year Depa started operations in Angola and Jordan, and strengthened its operations in Qatar and Saudi Arabia.
