Danube Building Materials has revealed 21.5% YoY growth in revenue for the H1 of 2011 that brings the company one step closer towards its goal of meeting its target of USD 1 billion in revenue for 2015.
Mr Rizwan Sajan chairman of Danube said that “Last year we recorded 25% growth in revenue and again this year the same target looks achievable easily. We are working to become a billion dollar company by 2015 and extension in residence visa for real estate investors to three years will help a lot to achieve this target.”
Mr Sajan said that the UAE’s cabinet decision will help boost the property sector in particular and the country’s economy in general as the sector also supports several associated industries. Danube being a leader in building material will be a direct beneficiary in all the property related developments following the Cabinet decision.
He said that the increase in revenue has also given us the confidence to look forward in reaching USD 435 million by year’s end. The Middle East region is currently exhibiting a key vibrancy that reflects recovery efforts from the recent economic downturn. As the number of major projects increase so does the demand for building materials. Rest assured that we will continue to live up to our reputation of being a leading provider of world class high quality essential materials needed for these ongoing projects.
Recent industry reports have shown that the UAE’s construction industry will see a CAGR of around 20% from 2010 to 2013. The expected growth is driven in by the continuous increase of strategic construction activities and infrastructure development. The UAE has attracted investments from all over the world. In line with this, Danube has expressed confidence in playing a major role by leveraging its diverse portfolio of construction and building materials across these major ongoing projects. The company has also revealed its plans to continue with its expansion initiatives and is looking to target the opening of 15 more branches in strategic locations across the Middle East by 2012.
Danube’s increase in business can be attributed to its provision of world class high quality building materials and home interiors combined with great value and special services. The growth also marks the success of Danube’s move to implement a strategic expansion initiative across and beyond the Middle East region.
Meanwhile, Danube Buildmart the retail arm of Danube Building Materials has also revealed that revenues for the first half of 2011 have also witnessed a significant increase. The leading retail facility which has found success in its introduction of a one stop shop concept for home interiors and furnishings was able to key in 46% growth in 2010 and continuing with YoY growth that is expected to drive in 30% to 40% increase before the end of 2011.
(Sourced from khaleejtimes.com)
