ZAFCO is aiming to break $1 billion barrier
Dubai tyre company plans to float on stock exchange
Gopiraj KV, the CEO of Dubai tyre company ZAFCO, has told ConstructionWeek that the company is planning to float on the international exchange markets as it targets breaking the $1 billion sales barrier.
ZAFCO, which supplies brands such as Pirelli and manufactures its own brand Zeetex, first started in 1993 and currently sells tyres to more than 85 countries.
Gopiraj said that the company will focus on ten major markets and look to acquire and ramp up its presence as it looks to raise revenue from $350 million to $1billion. It will also enter the retail fleet sectors, beginning with the opening of its first outlet in November and its car detailing service for high-end cars in January next year.
"The company has been growing at CAGR of 30%," he commented. "We don't want to remain in only supply and manufacturing," he said.
"If you want to be a $1 billion company you need to start looking at opportunities of doing things differently."