Stock aerial Dubai skyline
Depa's order book remains strong, and the latest Dh200 million plus win has further strengthened it. (Image used for illustrative purposes only.) Image Credit: AFP

Dubai: The Dubai based fitout company, Depa, has secured a Dh200 million plus contract to do up the interiors and exteriors for a new superyacht. The deal was secured through Depa’s German unit, Vedder.

“This important award continues to build on Vedder’s record levels of backlog,” said Kevin Lewis, Depa’s Acting Group CEO, said a statement issued on Nasdaq Dubai.

Vedder specializes in niche work for yachts, private jets and high networth owned residences.

Losses drop, but worries persist

Depa managed to bring down first-half losses down to Dh167.6 million from Dh206.4 million same time in 2019. But accumulated losses continued to rise, at Dh544.6 million from Dh379 million.

Its assets as at end June 2020 were at Dh1.28 billion, down from Dh1.39 billion, which was caused by reduction in dues from construction contract clients – Dh457.8 million against Dh535.6 million a year ago.

“Management have considered 12 months’ cashflow projections from the date of approval of these condensed consolidated interim financial statements, which is dependent on the successful renewal of its banking facilities, sale of certain assets, collection of contract balances and continuation of business activities in the ordinary course,” the company said in the statement.

“Whilst there is a material uncertainty surrounding renewal of banking facilities and timely sale of certain investments, the management believes that it will be able to meet its liabilities and continue its operations without significant curtailment for a period of at least 12 months from the date of signing of these condensed consolidated interim financial statements.”