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FINANCIAL NEWS
SIC records a total revenue
09 Aug 2013
(MENAFN) The Shuaiba Industrial Company (SIC) is planning to expand in the coming years after recording a profit of more than USD10.9 million by the end of the first half of 2013, according to Khaleej Times.
the SIC is a customer-base paper packaging manufacturer that is spread over more than 26 countries and has a capital of USD19.2 million and a market capitalization of USD48 million.
The SIC launched its second plant in the Jebel Ali Free Zone (Jafza) in April 2012, mentioning that the SIC is a subsidiary of the Al Safwa Group Holding Company, a reputed investment company in the state of Kuwait.
Managing director and president of the SIC, S Farid Ahmed said: “Business has been unbelievably good.I never thought that our production would be at this level so soon after opening the Dubai plant.”
The plant in Jafza currently is only working on industrial packaging, unlike the Kuwait plant, which works on paper cement bags and consumer bags for shopping malls.
Ahmad added: “I had never thought that we would get even 30 per cent of the UAE market. However, in one year of operations alone, we have obtained 60 to 70 per cent of the UAE market.”
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