Danube’s H1 income jumps 31pc in Bahrain
Dubai, September 4, 2011
Danube Building Materials, the leader in construction and building materials, has posted a 31 per cent growth in revenue for the first half of 2011 in Bahrain as compared to the same period in 2010.
The company has reported that Bahrain’s move towards recovery from the recent unrest is being bolstered by the entry of over BD614 million ($1.62 billion) worth of new construction projects.
According to recent performance reports, Danube suffered a key drop in business by 50 per cent during the unrest in February and March.
However, strong government support and the move towards economic recovery helped the company bounce back in April to June, ultimately driving in the 31 per cent increase against the first half of 2010, Danube said in a statement.
The increase also complements a report from Research and Markets, a leading business research firm, showing that Bahrain’s construction segment is likely to rebound soon with the emergence and influx of new projects across the country.
The new projects are expected to help Bahrain regain its reputation as a key commercial and financial hub for the Middle East. The report further shows that Bahrain is one of the very few countries that have managed to key in positive economic growth despite the impact of the recent economic downturn.
“These are vibrant times for Bahrain, which is currently witnessing a key influx of construction projects that can ultimately give the country a needed push towards economic recovery," said Rizwan Sajan, founder & chairman, Danube Building Materials.
“We are looking to play a major role in this development by living up to our reputation as a premier provider of world class high quality building materials across these major projects.”
Reports have also shown an upsurge in opportunities in the country’s real estate segment. Bahrain’s commercial rental rates have stabilized and are expected to track sideways for the duration of the current year.
The year 2012 has been forecasted to drive in a five per cent increase in most of the sub-sectors in the Kingdom’s three cities, except for retail space in Manama and Muharraq, which has been having a more delayed response to the downturn.
Analysts have shared that the Bahraini government’s move to introduce general reforms after the unrest has resulted in bringing back confidence to various institutions. To date, the introduced reforms are helping create a more competitive market atmosphere for Bahrain.
“Bahrain continues to be an important market for us and we are confident to key in more sustainable growth for the next half of 2011. Rest assured, we will remain true to our commitment of providing world class building materials and home interior products through our two branches in the country,” concluded Sajan. – TradeArabia News Service