Equipment and tool seller turnover to double to $81.7m
Construction tool supplier Finetools has opened a new $4 million headquarter in Dubai Investment Park, saying that it expects to double its revenue in 2015 to $81.7m.
Finetools is the parent company of the hardware and tools brand Uken, and an authorised dealer for brands including Dewalt, Makita, ESAB, Hitachi, and 3M.
Finetools operates in Oman, Qatar, India and UAE, and has 12 outlets across the emirates. The company aims to open three new branches in 2015, one each in the emirates of Ras Al Khaimah, Fujairah and Ajman, as well as new branches in Qatar, Oman and India.
Speaking on the company’s growth, Mr. VK Abdul Salam, Director of Finetools, said, “We currently have an annual turnover of over $41m (AED150m). With the opening of the new integrated facility at DIP, our strategy is to double the annual turnover to $82m (AED 300m) in the next year and to $136m (AED 500m) by 2020. We will expand our infrastructure further in order to cater to more customers across the GCC market.”
“We have upgraded our facilities recently as part of our aggressive expansion plans,” said Salam. “The positive impact of the Expo 2020 is already visible in the market. Being a leading company catering to the industrial and construction sectors, we are confident about our capability to serve the market in this line, and accelerate our growth in the coming years,” he added.
The new facility is 9,300 square metres (100,000 sqft). Commenting on the opening of the facility, Mr. VK Shamsudheen, Managing Director of Finetools, said, “We are extremely proud to announce the opening of our Zonal Headquarters in DIP, which houses a total of 3,500 companies across a wide array of sectors. We hope the facility will help us continue and enhance the delivery of the best quality standards on time in our core business areas of industrial power tools and construction equipment. We are also looking to expand to more regional countries.”
“When the construction of the Zonal Headquarters commenced, we envisioned the project as a significant milestone in the company’s continuing mission to develop its infrastructure. This would help us accelerate our growth and make innovation in hardware easily available to both individual end-users and construction companies alike,” he added.