Dubai: Eros Group, a family-owned business of the Badri Group, has earned revenues of more than Dh1 billion in the first half of 2010, up more than 120 per cent over the Dh435 million earned in the first half of last year.

"The first half has been tremendous due to robust growth in sales during the DSF in the first quarter and Fifa World Cup fever in the second quarter," Deepak J. Babani, CEO of Eros Group, said in an interview with Gulf News

He said flat-panel TV and mobile phone businesses really contributed to the growth "as we are the only retailer to offer 3D TVs in the market from Samsung and in time for the Fifa World Cup. 3D TV demand was greater than anticipated. In June alone we have more than doubled our sales compared to May. Of that, 35 per cent came from 3D TVs."

Babani said the second half is going to be a challenge as the second half of last year was good.

"Even if growth hits 25 per cent it is good. We expect around 30 per cent growth for this year. We started with a target of around Dh2 billion for the whole year, but we are confident of crossing the Dh2 billion mark due to strong consumer confidence."

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Established in 1967, the Eros Group has 28 outlets in the UAE and is set to open four more by the end of the year. Total area occupied by the retailer is about 56,000 square feet.

The new outlets to be opened at the Dubai Mall, Al Ain Mall and the extension of Sahara Centre and Festival City outlets will occupy more than 3,500 square feet each.

Around seven per cent growth came from the appliances side compared to five per cent in the first half of last year, which Babani said is again a good sign and has nothing to do with the World Cup. "It shows the market is recovering and I do not see a reversal of this trend."

At the moment the group has no plans to spread its wings outside the UAE and has no plans for an IPO. He said India and Iraq are on the radar. Around 35-40 per cent of its products are re-exported to Africa, the Commonwealth of Independent States, Iran, India and Pakistan.

Eros, which holds more than 30 per cent of the consumer electronics market in the UAE, aims to become the top consumer electronics retailer by 2015. Currently the group is third behind Jumbo and Al Futtaim.

Samsung contributes 80 per cent of the growth to the Eros Group, followed by Hitachi and Candy.

"We have around 12 brands under our umbrella and in talks with another five brands. We plan to venture into food and fashion brands," he said. But he did not give details.

Group to invest Dh90m

Eros Group is investing around Dh90 million till 2011 to boost infrastructure. Deepak J. Babani, CEO of Eros Group, said: "We are planning to have our own warehouse facility in Abu Dhabi. Right now the warehouse is rented. As land prices are falling, we will be building our own warehouse, same as we have in Jafza. We will be investing more in infrastructure this year.

"It is a good time to enter the market as inflation is low, property prices are falling, the job market is stabilising and the government is listening. So people have more disposable income to buy things. I am positive about the outlook and believe in the Dubai model. Dubai has a strong infrastructure and we will attract business from now on."