Depa Group (Depa) has announced its financial results for 2Q16. New awards totaled AED937mn in 1H16, implying an estimated AED617mn for 2Q16. Among the contracts signed in 1H16 were: AED304mn worth of projects by Depa Interiors, which included: Saadiyat Rotana Resort in Abu Dhabi, Shangri-La Hotel refurbishment; two new projects by Vedder worth AED135mn; AED338mn worth of projects by Design Studio; and AED131mn contracts by Deco Emirates (in contracts for stores at The Dubai Mall and City Walk in Dubai and other contracts in Qatar). Backlog grew 5% since December 2015 and 2% since March 2016 to AED2,203mn. Revenue came in at AED772mn in 1H16 (-8.2% Y-o-Y), implying AED451mn in 2Q16 (+12.4% Y-o-Y, +40.4% Q-o-Q, +2.4% vs. EFGe). Gross profit margin was 15.9% in 1H16 and 15.9% in 2Q16, showing notable Y-o-Y improvement over the reported figures of 10.0% in 1H15 and 6.1% in 2Q15. Net income came in at AED16.3mn in 1H16 (+5.6% Y-o-Y), implying AED7.3mn in 2Q16 (2Q15: AED0.44mn, -18.9% Q-o-Q, EFGe: AED15.0mn). The company maintained a net cash position of AED125mn (AED143mn in March). Net cash from operations was in the red, at AED34.2mn, in 1H16, on rising receivable balances vs. AED88.7mn for 1H15 in cash from operations. (Company disclosure, Mai Attia, Sara Boutros)   Depa Limited (DU): USD0.35 as of 28 August 2016, Rating: Neutral, FV: USD0.41 per share, MCap: USD790mn, DEPA DU / DEPA.DI