Ducab Reports Strong Financial Performance in 2016 with 10% Growth in Sales Volumes

Business

Ducab Reports Strong Financial Performance in 2016 with 10% Growth in Sales Volumes

Ducab has introduced that Eng. Jamal Salem Al Dhaheri has taken over as Chairman of the Board reliable March 2017. Ducab Chairmanship is rotated in between the equivalent investors of the company, Abu Dhabi's Senaat and the Financial investment Company of Dubai (ICD). Eng. Al Dhaheri will follow Dr. Ahmad bin Hassan Al Shaikh, who worked as Chairman of the Board from 2015-2017.

Ducab, now in its 38 th year of operation, comprises four business locations; Ducab cord and cords; Ducab High Voltage, a joint venture with DEWA and ADWEA; Ducab Metals providing copper rod and wire to the region; and the newest addition to the group, Ducab Aluminium Company (DAC), manufacturing Aluminium rod and conductor.

Turning over the reins of the fast-growing company, Dr. Al Shaikh said: "I enjoy to hand over to my Board colleague Eng. Jamal Salem Al Dhaheri, and I am positive that under his advice Ducab will continue to break new ground and get to new heights.

Despite another challenging year, the Ducab group supplied FY 2016 with boosted sales efficiency that led to significant improvement in earnings across all business systems. Continuous concentrate on functional efficiency combined with effective implementation of several producing optimization efforts aided the improved outcomes general", Ducab's outbound Chairman Dr. Ahmad Hassan Al Shaikh continued.

The Board of Directors has authorized the Company'' s consolidated monetary statements and announced the results for 2016 for the total cords and metals business.

The company concluded the year 2016 with 15 per cent general EBITDA development. As a result of high-value new and repeat orders from prominent regional and international customers in addition to boosted product diversity, Ducab enhanced its reach in International markets by 25 percent.

Eng. Jamal Salem Al Dhaheri stated: "Ducab's possession structure stands for a unique partnership between Abu Dhabi and Dubai, and I aspire to proceed the initiatives to position Ducab as one of the most effective UAE-owned manufacturing brand names. We have actually expanded into new sectors and markets within various regions, and decreased our short-term loaning by AED 228mn, along with paying an enhanced dividend to our shareholders. Ducab places great deal of emphasis on Sharia Complaint Funding and to that result, 100% of our tool term fundings are under sharia framework including the new project (DAC).".

" Provided the competitive situation in all our markets, I am pleased to claim that our productivity boosted in 2016, which is a success we boast of," specified Eng. Jamal Salem Al Dhaheri. Sales of cables and metals (copper rod and cables) grew both in the domestic UAE market and in a diverse series of export markets in 2016, highlighted by the first-of- its-kind supply of nuclear power-qualified cord variety, Ducab NuBICC, to the Oriental nuclear power programme.

The year 2016 significant several landmark success by the company consisting of substantial item diversity in addition to the addition of brand-new customers and new markets. In the region, Ducab provided cabling services to major projects including Dubai Parks and Resorts, Al Ain Hospital, Blue Water Island and Abu Dhabi Airport terminal's Midfield Terminal Building (ALL-TERRAIN BICYCLE). The company likewise secured and supplied a US$ 10 million order of medium and low-voltage cable televisions for the North East Bab Area Growth Project, Phase III: Rumaitha and Shanayel areas,; a US$ 70 million delivery to the Clean Fuels Project in Kuwait, numerous OGP associated tasks with ADNOC, Riyadh Metro, amongst several others.

Looking forward, the company will certainly expand its item profile additionally to include aluminium poles and conductors with the main opening of Ducab Aluminium Company (DAC) situated in Khalifa Industrial Area Abu Dhabi (KIZAD) later on in 2017. Commissioned in late 2016, DAC was EGA's very first customer to receive a shipment of molten aluminium from their Al Taweelah smelter in KIZAD by means of the Hot Metal Road. Complete production ability is 50,000 tpa of rod and conductor.