Danube first-half revenues rise 21%

Danube Building Materials has reported a 21 per cent growth in revenue in the first half of 2011. The growth follows the company's 25 per cent rise in revenues in 2010 in spite of the global economic crisis and projects a similar growth in 2011. "The 21 per cent growth that we have gained for the first half of 2011 clearly shows that we are on track to meet our target of $1 billion (Dh3.6 billion) in revenue for 2015. The increase in revenue has also given us the confidence to look forward to reaching $435 million by the year's end," said Rizwan Sajan, Chairman. "The Middle East region is currently exhibiting a key vibrancy that reflects recovery efforts from the recent economic downturn. Article continues below "As the number of major projects increase so does the demand for building materials," said Sajan. Danube Buildmart, the retail arm of Danube Building Materials, also experienced an increase in revenues for the first half of 2011. The retail facility, with its introduction of a "one-stop-shop" concept for home interiors and furnishings, recorded 46 per cent growth in 2010 and is expected to achieve a 30 to 40 per cent increase this year. Expansion initiative Danube recently implemented a strategic expansion initiative across and beyond the Middle East that saw the opening of three new Danube Building Materials showrooms in the first half of this year. The new showrooms are equipped with the latest equipment and have been designed to meet the growing demand for essential building materials for ongoing major projects. The company has revealed its plans to continue with its expansion initiatives and is looking by 2012 to target the opening of 15 more branches in Oman, Qatar and Saudi Arabia. The company has also revealed that it plans to open 75 showrooms across the GCC by the end of 2015.