Firm records Dhs10 billion revenue growth

Inayat-ur-Rahman, Gulf Today

Conares, the second largest steel manufacturer in the UAE has announced celebrating a 10-10-10 milestone of revenue and steel handled over 10 years. Furthermore, its rebar mill completes 10 years of operations, which was established in 2011 at the Jebel Ali Free Zone (JAFZA).

Conares, a 24/7 manufacturer, is the only steel producer in UAE diversified across Rebars, Pipes and Color Coated Coils in the region, having invested in plants and operations with a current market value more than Dhs 1.3 billion.

The company has a workforce of nearly 700 employees, which is poised to grow more as the company adds to the current infrastructure with the asset value set to touch Dhs 1.5 billion in the near future, and a revenue target of Dhs 2 billion per annum

 Addressing media at a roundtable on 10th anniversary of rebar mill, Bharat Bhatia, Chairman and CEO of Conares, said: “Completing ten years is a proud and celebratory moment for us, as well as a rare occasion of triple achievement, which includes notching up Dhs10 billion in revenue and a handled 10 million metric tonnes of steel in an eventful growth spanned over the last decade.”

Kush Bhatia, Director - Sales & Marketing at Conares, said, “We are proud that our products are used in a wide number of major projects in the UAE, including Etihad Rail and the prestigious Expo 2020. Our growth and presence in international markets has been remarkable. Currently, we are in the process of developing new markets for our products. We are keen on helping the ‘Made in UAE’ brand reach new heights, and export the products manufactured in the UAE, to be well recognized across the globe.”

 Conares has continuously been evolving with the region’s growth and requirements. The company’s growth has remained on a positive trajectory for three decades of its operations, helping it cross significant steel industry growth milestones.