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Dubai's DEPA posts higher revenue for 2022 on post-COVID recovery

March 25, 2023
finance & economy

Public Investment Fund’s investment has propelled growth in Saudi Arabia, chairman says

Interior design and specialty contractor Depa PLC, in which the Saudi sovereign wealth fund recently bought a controlling stake, posted full-year 2022 net profit of AED 59.1 million, up from AED57.1 million a year earlier.

In a statement on Friday on Nasdaq Dubai where its shares are listed, Depa said revenue jumped to AED 918 million from AED802 million year on year, mainly due to strong recovery post Covid-19 and new projects wins in 2022.

Public Investment Fund currently owns 55% of the company following a deal last month in which it bought $40.84 million worth of new shares.

'Depa’s performance in 2022 has significantly improved compared to 2021. Depa was able to achieve strong revenue growth and backlog in the Kingdom of Saudi Arabia. Public Investment Fund’s investment in Depa has propelled this growth in the Kingdom and the Middle East,' said Muteb Al Shathri, Depa's chairman.

The group said its European business was hit by the devaluation of the euro in 2022. 'Further, margins have decreased in the European sector due to energy shortage in Europe, and shift in the customer profile due to Russia/Ukraine crisis.'