Rubber World Industries reports 15% rise in profit
Growing demand for rubber-based building materials in GCC
Rubber World Industries, the manufacturer of closed-cell rubber insulation ‘Gulf-O-Flex’, has posted a 15% increase in profit for the first quarter of 2014.
The company also saw a 30% increase across its global distribution operations for 2013, reflecting 15.5% real revenue and profit growth in 2013, up from 5.5% in 2012.
The growth is attributed to the growing 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 underway.
“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,” said Rizwan Shaikhani, managing director of Rubber World Industries.
The company revealed that its projects for 2014 have exceeded $1.6mn (AED6mn).
RWI has managed to secure a $272.mn (AED100mn) contract for The Onyx in Sheikh Zayed Road in Dubai, a $32.7mn (AED120mn) contract for 500 villas in Living Legends at Dubai Land and a $23.1mn (AED85million) contract for the Al Hind Tower in Sharjah.