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FINANCIAL NEWS
Finetools to double revenue to USD81.66m in 2015
15 Dec 2014
(MENAFN) Finetools, a Dubai-based distributor of hardware and machinery to the construction sector, said that it aims to double its turnover to USD81.66 million in the next year, following the opening of its new major warehouse facility in Dubai Investments Park (DIP), Emirates 24/7 reported.
The company said that it has invested USD4.08 million in the new facility, which is already operational with warehouse facilities for storage and a bigger logistics network to streamline the process of delivering products throughout the region.
Finetools, which has operations in Oman, Qatar, India and UAE, has 12 outlets across the emirates and aims to open three more next year in Ras Al Khaimah, Fujairah and Ajman as well as expand into more regional countries, with the company, which is an authorized dealer for hardware brands like Dewalt, Makita, ESAB, Hitachi, and 3M, also aims to start operations to Bahrain and Kuwait.
‘We plan to double our turnover from USD40.83 million in 2014 to USD81.66 million next year and to USD136.11 million by 2020. The expansion of our warehouse and headquarter and the ongoing development plans will help the company to achieve the target,’ Finetools Chief Executive said.
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