WWA Group Inc. (WWAG.OB) engages in the trading and auctioning of transportation and industrial equipment worldwide. The company’s primary base of operations is in Dubai, U.A.E. Since 2001, WWA Group has auctioned more than 66,000 pieces of construction equipment to buyers from 67 different countries.
This represents more than $652 million worth of equipment, and the company now controls an impressive 65% market share of all industrial equipment auction sales in Dubai. This is especially impressive in the light of the estimated $250 billion in construction projects planned for Dubai.
WWA Group’s latest earnings report does show that the company continues to benefit from the boom in Dubai. The company recorded its highest revenues ever in the six months ended June 30, 2008. Gross revenues rose 15%, versus the same period in 2007, to nearly $16 million, while gross profit rose 7%, versus the same period in 2007, to over $4.1 million. Net income for the first six months of 2008 rose 27%, versus the same period in 2007, to nearly $1.1 million or $0.06 per share.
WWA Group is planning three more physical auctions at its Dubai facility throughout the remainder of 2008. The company is projecting increases in auction and trading revenue, gross profit and net income for the full year of 2008.
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