Depa Limited, a leading interiors contractor, said its net profit for the first half in 2008 increased by 75 per cent to Dh55.6 million ($15 million) when compared to Dh31.8 million during the corresponding period last year.

Announcing the results for the six months period ended June 30, 2008, Depa CEO Mohannad Sweid said the strong financial performance was mainly driven by the landmark project wins in the region.

He said the company contract income jumped 24.8 per cent to Dh741 million when compared to Dh594 million last year.

The company's revenues from major contracts in Mena region surged to Dh150.5 million  compared to Dh65.5 million last year.

"This is our first set of results since becoming a public company and we are delighted to report excellent profit growth across our business. We have an exceptionally high level of contracted backlog and have signed numerous prestigious contracts, especially in Abu Dhabi which has extensive growth ambitions."

The company is poised for better growth in coming years thanks to its entry into newerer markets.

"We continue to enter new markets as planned and have closed transactions in line with our geographical expansion plans. We see strong growth potential across our business for the rest of the year and into 2009," he added.

The new Depa Design Studio joint venture in Singapore has established a strong foothold in the wider Asian interior fit-out market, Sweid pointed out.-TradeArabia News Service