Furniture major predicts 100% turnover increase
One of America's largest office furniture manufacturing companies, Krueger International (KI), has forecast a 100 per cent increase in GCC turnover in the 2009 financial year.
The company's turnover more than doubled last year following three major contracts in the UAE, and according to a statement from the company, the strong growth forecast is due to a sustained demand for furniture across KI's key industry sectors.
Steve Vellozzo, Middle East Sales Manager, KI, said: "In the period from 2003 to 2007, the company's turnover was $2 million [Dh7.34m]. This figure surged to more than $4.5m last year after the company won a string of prestigious business projects such as Aldar Properties and Adma-Opco's headquarters in Abu Dhabi, and the Etisalat Tower in Dubai. We anticipate growth in all of our key sectors this year. With orders worth more than $5m already placed, turnover in 2009 is expected to exceed $10m."
Despite a downturn in many parts of the world, Vellozzo sees huge opportunities in non-business sectors in this region, which helped KI's profits to soar last year.
"The company is participating in the Office Exhibition in Dubai in March as the region is one of the most interesting and exciting markets at the moment, with the higher education and healthcare sectors still going very strong," he said.
KI appointed four new distributors in the GCC last year including the long-established Al Jeraisy Group in Saudi Arabia and Walltracts in Bahrain and Qatar.
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