Gulf International Trading Group achieves 64% net profit growth in 2009

Company targets AED 500 million in sales for 2010 as it doubles current product range

January 14 ^th, 2010,
Dubai

Gulf International Trading Group (GITG), a leader in high-quality, eco-friendly construction materials in the Middle East, has announced that it concluded 2009 with a successful performance securing a 64% net profit growth compared to 2008. The figures were declared during the company’s annual audit meeting held earlier this month. The group has set its targets for 2010 with the aim to achieve AED 500 million in sales, mainly after doubling its product ranges in 2009, increasing the total range to 15 world-class products.

GITG’s management attributed the success and growth the company has achieved in 2009 to the increasing awareness of the public, as well as the private sector establishments, on the importance of using eco-friendly products, renewable energy solutions and safety oriented construction materials. The group is keen to respond to the laws and regulations set by the UAE government in terms of using renewable energy resources.

Mr. Khalid Al Midfa, CEO and Chairman of GITG, expressed his satisfaction with the positive and encouraging results the group has achieved last year in terms of the net profit growth, the successful performance and the customers’ feedback. “The positive impact of the laws and regulations set by the rulers of the UAE is one of the reasons behind our success last year. Despite the negative influence of the world financial crisis, it helped in re-shaping the world of construction and increasing awareness on the use of renewable energy products and resources,” he added.

GITG’s major achievements last year included opening Gulf Group Limited in Masdar city in Abu Dhabi, participating in the Climate Change Conference in Copenhagen, winning two GAIA awards during the Big 5 Exhibition in 2009, partnering with leading global firms and key government entities, and gaining several certificates from the UAE University and Abu Dhabi Airport due to the company’s extensive participation and consultancy in those projects.

Al Midfa pointed out that the group has new plans for 2010 which include expanding their operations into the GCC countries, increasing the volume of their sales to AED 500 million, building commercial alliances in the GCC countries, adding more products to its current range and adding commodities into the company’s portfolio to ensure meeting the requirements of their diverse clients.

“As 2010 kicks off, we are confident, ambitious and optimistic to achieve all our goals and increase the success of the group. We have already started expanding our operations to cover several GCC countries, and we are positive that the industry we operate in will witness a remarkable increase in its market value,” concluded Al Midfa.