Ducab Group, one of the UAE’s largest end-to-end energy solutions providers and industrial manufacturing businesses, has registered notable gains across its business units in 2022, with a combined annual year-on-year (YoY) revenue increase of 19 percent, totalling AED 6.6 billion (US$1.8 billion).
The metal business alone posted more than 23 percent in YoY growth, followed by the cable business with more than 9 percent.
Commenting on the achievement, Khalid Lootah, Chairman of Ducab Group, said,
“Ducab Group’s financial results reflect our growing business and continuously expanding network of markets and influential partners around the world. We remain committed to expanding our footprint to new key markets around the world. Our products – all proudly made in the UAE – are now exported to 55 countries. This forms part of our efforts to contribute towards achieving the objectives of the national strategy for industry and advanced technology – Operation 300 billion – which, in turn, helps position the UAE as an innovative and globally competitive manufacturing hub.”
“On the same note, Ducab Group recently announced the opening of its new headquarters in the Indian city of Bengaluru, making India the new home market for the group. The expansion is in line with our vision to be a global provider of high-quality, integrated energy solutions, as well as our strategies to expand and consolidate our business in the global industrial sector,"
he added.
Ducab Group’s financial results for 2022 revealed that despite lingering challenges from the pandemic years, as well as new hurdles in certain international markets and the global economy, the Group will be reporting more than 8 percent growth in earnings before interest, taxes, depreciation, and amortisation (EBITDA).
Furthermore, Ducab Metals Business (DMB), one of Ducab Group’s main business units, is set to triple its profits compared to 2021, driven by increased turnaround from its Al business. DMB produces copper and aluminium rods and conductors, which are used to manufacture electric wires, cables, high-voltage lines, and overhead conductors.
News Source: Emirates News Agency
