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Dubal annual profits jump 37% to Dh3.7 billion in 2022

Group reports remarkable results on the back of strong investments in multiple industrial sectors and efficient operational performance

Published: Wed 22 Feb 2023, 5:49 PM

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Saeed Mohammed Al Tayer, chairman of Dubal Holding, chairing the meeting. — Supplied photo

Saeed Mohammed Al Tayer, chairman of Dubal Holding, chairing the meeting. — Supplied photo

Dubal Holding on Wednesday announced a net profit of Dh3.7 billion in 2022, an increase of 37 per cent from the previous year’s figure of Dh2.7 billion on the back of strong investments in multiple industrial sectors and efficient operational performance.

The group’s Sohar Titanium Project in Oman also made good progress during the year and is scheduled to commence operation in 2025.

“We are on track to make global investments in multiple industries to provide long-term financial returns and growth for our shareholders. Dubal Holding’s investments are also motivated by the ambition to build a more sustainable future and have contributed to important programmes like the Dubai Industrial Strategy 2030 and the Dubai Clean Energy Strategy 2050,”said Saeed Mohammed Al Tayer, chairman of Dubal Holding.

Moreover, Al Tayer was also informed about Dubal Holding also signed an MoU with Nature Alu, Canada, to conduct a thorough feasibility study to build the first-ever Super High Purity Aluminium (SHPA) facility of its kind in the country. This facility will produce high purity aluminium grades of 4N and above, with uses in specialised industries like capacitor foils, semi-conductors, lithium-ion batteries, etc.

Additionally, a sustainability driven contract was signed for DH's front-end engineering and design (FEED) of a large-scale plastic to liquid facility in Dubai. By repurposing low-quality polymers that are nearing their end of life to create value products, the factory is anticipated to make a substantial contribution to the circular economy and sustainability initiatives of the UAE Government.

Abdulla Jassem Kalban, vice-chairman of Dubal Holding, said: “By evaluating previous year’s efforts of investing in long-term, high-yield projects that support the national economy and contributing to the sustainability goals, we are honoured to profess that DUBAL Holding continues to fulfil its commitment towards its objective of strengthening UAE’s economy.”

In addition, the company partnered with Imdaad to invest in a variety of sustainability programmes and projects in Dubai.

Dubal Holding owns a 19 per cent ownership in Sinoway Carbon Company Ltd, a factory that produces calcined petroleum coke in China's Shandong Province, and a 96 per cent share in OSE Industries LLC, an aluminium extrusion business with headquarters in Dubai, United Arab Emirates. After successfully completing the OSE expansion project in 2022, the company was able to raise its capacity by 50 per cent, to 12,000 tonnes annually.

“The year 2022 was particularly noteworthy for Dubal Holding as it expanded its portfolio of acquisitions. In order to meet the demands of both new and existing automotive, EV, HVAC, and other industrial clients, our expansion project at OSE increased capacity. To focus on domestic and foreign acquisitions and support OSE's larger goal of becoming a Top 3 Player globally, we expanded our stake in OSE.”

— waheedabbas@khaleejtimes.com



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