By Alex Delmar-Morgan
Dubai-based Danube reports big jump in earnings despite global slowdown.
Construction group Danube Building Materials on Tuesday revealed a 70 percent lift in profit this year on sales of 1.1bn dirhams ($300 million).
The building materials supplier to shop-fitting company, which is headquartered in Jebel Ali, said it had exceeded its target of 1bn dirhams revenue for the year and is to further invest in its core business.
It is forecasting a 30 percent rise in sales next year, despite the international economic slump.
"In spite of the recession, we aim to maintain a healthy growth in 2009 with the strong fundamentals we have acquired through the continuous operations of more than 18 Danube outlets across the GCC," said Rizwan Sajan, chairman of Danube.
Its biggest selling products this year were wood, including medium-density fibreboards and plywood, as well as sanitary, hardware and steel items.
Danube has a large presence across the UAE and has offices in Bahrain and Muscat.