Deep Industries Expands into UAE with SAAR International FZ-LLC

On April 8, 2024, Deep Industries informed in an exchange filing that the company had completed the incorporation of a wholly owned subsidiary, “SAAR International FZ-LLC”.

Details of the Wholly-Owned Subsidiary

Deep Industries announced that their wholly-owned subsidiary had been incorporated in Ras Al Khaimah Economic Zone, UAE, on March 29, 2024, and a Certificate of Incorporation was received on April 8, 2024, at 07:51 PM (IST).

The new wholly-owned subsidiary will belong to the oil & natural gas industry. The company stated that SAAR International FZ-LLC has been incorporated to carry out various business activities from the Ras Al Khaimah Economic Zone. Since it has not yet started its business activities, there has been no impact on the company’s business as of date.

The nature of consideration is cash-based. The cost of acquisition for the shares was AED 25,000, which was divided into 25 shares valued at AED 1,000 each. As a result, the company acquired 100% share capital of SAAR International FZ-LLC.

SAAR International FZ-LLC will be the second subsidiary of Deep Industries in the UAE region. As of March 31, 2023, Deep Industries’ other international subsidiary is Deep International DMCC, which is based out of UAE, and the company holds a 100% stake. Deep International DMCC offers safe and reliable gas compression and gas processing facilities across the Middle East, Asia and Africa on a financed basis. Deep International DMCC has reported revenue of ₹4782.11 lakh and a profit of ₹1622.44 lakh for the year ended on March 31, 2023.

In the quarter ended December 2023, Deep Industries reported revenue of ₹95.91 crore, which is approximately 3.45% higher than the ₹92.71 crore in the quarter ended December 2022. In the quarter ended December 2023, the company reported a net profit of ₹24.26 crore, which is approximately 8.77% higher than the ₹22.30 crore in the quarter ended December 2022.

On April 9, 2024, the share price of Deep Industries opened at ₹313.70, touching the day’s high at ₹316.95, as of 9:35 AM on the NSE.

About Deep Industries 

Deep Industries provides oil and gas field services, such as natural gas compression, workover and drilling rigs and integrated project management.

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