RWI posts 15pc surge in Q1 profit
Dubai, April 10, 2014
Rubber World Industries (RWI), a leading manufacturer of closed-cell rubber insulation 'Gulf-O-Flex' in the Gulf and South East Asia, has posted a 15 per cent increase in profit for the first quarter as compared to the same period last year.
The surge follows the company's reported 30 per cent increase across its global distribution operations last year, reflecting 15.5 per cent revenue and profit growth as compared to 5.5 per cent the previous year, said a statement.
The company has also revealed contract wins in excess of Dh6 million ($1.6 million) during the period, which includes a Dh100 million contract for The Onyx on Sheikh Zayed Road in Dubai, a Dh120 million contract for 500 villas in Living Legends at Dubai Land and a Dh85 million contract for the Al Hind Tower in Sharjah.
The company’s growth is attributed to the increasing demand for rubber-based building materials across the construction industry in UAE, Saudi Arabia and Qatar, according to executives.
Rizwan Shaikhani, managing director, RWI, said: “The 15 per cent 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.” - TradeArabia News Service