Ducab Group profit up 36%
Ducab Cable Business, the largest business unit of the group, delivered a profit increase of 13%, with a product sales volume close to 80,000 conductor tonnes.
Ducab Group — one of the UAE’s largest industrial manufacturing businesses — has confirmed substantial gains across all three of its business units in 2020, achieving a collective year-on-year profit increase of 36 per cent despite the challenging global conditions resulting from the Covid-19 pandemic.
Mohammed A. Al Mutawa, CEO of Ducab Group, said: “Ducab Group was able to achieve outstanding results while serving our customers internationally with the same level of excellence they always expect from us. The company’s ongoing focus on product diversification provided Ducab with a strong foundation going into 2020. We have always been keen to explore new markets and opportunities, and were able to support strategic projects around the world and across different vertical sectors including energy, transportation, industry, and many others in 2020. We will continue to do this in the year ahead.”
In its latest Board meeting, Ducab also confirmed the appointment of Eng. Jamal Salem Al Dhaheri as the company’s new Chairman replacing Dr Ahmad bin Hassan Al Shaikh, who served as chairman from 2019-2021. The company’s chairmanship is rotated biannually between Ducab’s equal shareholders ADQ (through Senaat) and the Investment Corporation of Dubai (ICD).
The outgoing chairman, Dr Ahmad Bin Hassan Al Shaikh, has welcomed Al Dhaheri into his new role. Al Shaikh, said: “The past year has offered us a lot of lessons. I am proud that we have remained resilient and determined to achieve our objectives, and delivered an exceptional performance last year. I am confident that Al Dhaheri will continue that sense of optimism while developing the best talents and technologies for future growth.”
Ducab Business Unit Achievements
Ducab Cable Business (DCB), the largest business unit of the group, delivered a profit increase of 13 per cent, with a product sales volume close to 80,000 conductor tonnes. DCB operations have continued uninterrupted throughout the pandemic, manufacturing all of its cables and wires in the UAE for customers in the country—which remains the division’s largest single consumer market—as well as about 25 export markets.
Ducab Metals Business (DMB) saw a 33 per cent profit increase year-on-year in 2020. The metals operation includes Ducab Aluminium Company (DAC) and Ducab’s Copper Rod Factory. DMB builds on the company’s extensive expertise in the field while capitalizing on the UAE’s position in the global metallurgy markets. DMB sold close to 190,000 tonnes of metal products in 2020 to over 45 countries internationally.
Meanwhile, the Ducab High Voltage (DHV) business unit improved the overall margins by 42 per cent in 2020 compared to the previous year. DHV was the first dedicated high voltage and extra-high voltage power cable manufacturing facility in the Middle East, and today offers a wide portfolio of tailored cable solutions on a turnkey basis. The division sold nearly 6,000 tonnes of specialised high voltage cable throughout 2020 to several regional Utilities and global EPCs.
“There is continued demand locally and globally for the cable and metals products that we manufacture. Moreover, the recent launch of the ‘Operation 300bn’ strategy by the UAE Ministry of Industry and Advanced Technology will serve as a platform for us to strengthen our strategic partnerships across the industrial value chain. We look forward to being an active contributor to the programs being rolled out as part of this comprehensive strategy, and to continue taking Made in UAE products to the world,” added Al Dhaheri.
In addition to its product diversification and market expansion, Ducab pursued several Emiratisation initiatives in the last year. It was in 2020 that the company launched its new program, Bidayiti, which aims to enhance UAE nationals’ skills across different sectors, contributing towards the development of the country’s manufacturing industry. — firstname.lastname@example.org
On the other hand, tea, coffee and milk saw a drop in prices. READ MORE
Etisalat said its refinancing decision aims to diversify the... READ MORE
Emaar Malls recorded a net profit of Dh318 million during the first... READ MORE
Reports from five specialised global institutions disclosed that the... READ MORE
Authorities have revealed plans to resume tourism activities. READ MORE
Third day straight of record lows of daily Covid infections in UAE READ MORE
The new cases were detected through 103,918 additional tests. READ MORE
Saudi FM was speaking in televised remarks at the start of an... READ MORE