Dubai – Mubasher: Emirates Glass, a subsidiary of Dubai Investments, announced that it will establish a new factory in a GCC country, according to a press release on Wednesday.
Emirates Glass aims to expand its stake in the UAE and other export markets, the company’s executive president Rizwanulla Khan said.
The company has a diversified products portfolio, executing projects worth more than AED 60 million in GCC countries, while projects worth AED 110 million are being implemented, the press release stated, citing Khan.
The company’s total revenues from manufacturing and contracting decreased 44.4% to AED 280.47 million in the first quarter in 2017, compared to AED 504.39 million in Q1-16.
Net profits stood at AED 275.5 million in Q1-17, compared to AED 291.61 million in Q1-16 – a drop attributed to the decline in manufacturing revenues.
The UAE firm had previously reported a 9.9% increase in profits to AED 1.22 million in 2016, compared to AED 1.11 million in 2015.
