Depa reports 2023 results

Depa posted a net loss of AED 44.4 mn in 2023 compared to a net income of AED 59.1 mn in 2022, due to “impairments related to project receivable balances, particularly within Depa Interiors,” according to the company’s earnings release (pdf). The interior construction and manufacturing company’s revenues stood at AED 1.09 bn during the year, up 19% y-o-y.

Looking ahead: Depa is gearing up to expand operations into Saudi Arabia on the back of “the region’s growth potential,” Depa CEO Haitham Tuqan said. The contractor also plans to expand its reach in the construction fit-out sector through Depa Interiors and Deco Group, and explore new windows in the US upscale residential fit-out market through Vedder.