Rubber World Industries reveals 15% profit surge for Q1 of 2014
Rubber World Industries LLC (RWI), the leading manufacturer of closed-cell rubber insulation ‘Gulf-O-Flex’ in the Gulf and South East Asia, has posted a 15% increase in profit for the first quarter of 2014 as compared to the same period last year.
The surge complements the company’s continuous growth and follows after its reported 30% increase across its global distribution operations for 2013-reflecting 15.5% real revenue and profit growth in 2013 as compared to 5.5% in 2012. Working on a good head start in 2014, Rubber World Industries has also revealed that its contract wins for Q1 FY’14 has now exceeded Dhs6m.
According to the company’s senior executives, the growth is attributed to the continuously increasing demand for rubber-based building materials across the construction industry, particularly in the UAE, KSA and Qatar where a large number of projects are currently ongoing. Looking to play a major role in the completion of these developments, Rubber World Industries has managed to secure wins like a Dhs100m contract for The Onyx in Sheikh Zayed Road in Dubai; a Dhs120m contract for 500 villas in Living Legends at Dubai Land and a Dhs85m contract for the Al Hind Tower in Sharjah.
“We are highly pleased with the impressive performance that we have posted for the first quarter of the year. The 15 %increase reflects the initial success of our expansion strategy for 2014, an initiative based on a three-point agenda, which includes the development of a formula that allows us to replicate our competitive uniqueness and give us instant access in today’s markets; to invest and bring this winning formula across newer markets, segments and channels and to create new products. We are upbeat that this upward trajectory will continue towards the next three quarters–allowing us to double our profits and consolidate our market shares before the end of 2014,” concluded Rizwan Shaikhani, Managing Director, Rubber World Industries.
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