x Abu Dhabi, UAETuesday 25 July 2017

Ducab revenues grow by 22% to Dh5 billion in 2013

In 2013 Ducab engaged in a series of UAE-based projects, including the Barakah nuclear facility, the Shams 1 and Mohammed bin Rashid Al Maktoum Solar Parks, and the expansion of Dubai International Airport.

Copper coils at Ducab’s low-voltage factory in Jebel Ali. Razan Alzayani / The National
Copper coils at Ducab’s low-voltage factory in Jebel Ali. Razan Alzayani / The National

Increasing orders for copper rods and wires pushed Ducab revenues 22 per cent higher last year compared with the preceding year, the company said yesterday.

The Jebel Ali-based cable manufacturer said that its revenues grew to Dh5 billion for the year, compared with Dh4.2bn in 2012.

Ducab’s cable sales grew to Dh2.9bn during the year, an increase of 14 per cent, while revenues from rods and wires from the company’s copper rod plant in Musaffah were up 34 per cent year-on-year at Dh2.1bn.

The company’s high-voltage cable unit registered sales of Dh122 million, up from less than Dh20m in 2012, its first full year of production.

Ducab High Voltage (DHV) is a joint venture with Abu Dhabi Water and Electricity Authority and the Dubai Water and Electricity Authority, each of which owns a 25 per cent stake in the enterprise.

The company did not provide details regarding profits and dividends.

“The positive results achieved by the company over the last year are a testament to its strong leadership, the innovative culture and the ability to identify and move towards market trends,” said Jamal Salem Al Dhaheri, the Ducab chairman.

“As an entirely UAE-owned company, we find many parallels with the growth and success of our nation, and remain committed to representing the UAE as we grow.”

In 2013 Ducab engaged in a series of UAE-based projects, including the Barakah nuclear facility, the Shams 1 and Mohammed bin Rashid Al Maktoum Solar Parks, and the expansion of Dubai International Airport.

In addition to its domestic partnerships, Ducab said that it had supplier relationships with customers in international markets including the United Kingdom, Hong Kong, Iraq, Africa and Australia, declining to give further details.

The company identified Europe and Africa as its most promising growth prospects in sectors including infrastructure development, construction, oil exploration and industrial development.

“Our growth continues as we expand into new product areas, new geographies and even new industry sectors,” said Mr Al Dhaheri.

“Our dynamism is the foundation for our strategy, and we will continue to explore growth avenues to ensure the best for our employees, stakeholders and the community in which we operate.”

The company this year acquired its first overseas manufacturing facility – AEI Cables, a specialised manufacturer of rubber cables located in County Durham, in the north-east of England.

The acquisition of AEI, whose clients include Britain’s Royal Navy and the London Underground transport network, was completed in February for an undisclosed sum.

Ducab is jointly owned by Investment Corporation of Dubai, a sovereign wealth fund owned by the Dubai Government, and Senaat, an Abu Dhabi state-owned industrial holding company.

Senaat yesterday announced revenues of Dh12.4bn for 2013, compared with Dh12.3bn in 2012. The conglomerate’s total assets grew to Dh26.5bn during the year from Dh25.4bn in 2012.

Senaat last year hired HSBC Holdings and JPMorgan Chase last year for a possible IPO on the Abu Dhabi Securities Exchange this year. It is unclear as to whether final approval for the listing, required from Abu Dhabi’s Executive Council, has been granted.

jeverington@thenational.ae

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