UAE's Ducab Group reports 19% rise in 2022 revenues
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UAE’s Ducab Group announces 19% rise in revenue in 2022

UAE’s Ducab Group announces 19% rise in revenue in 2022

Ducab Group posted total annual revenue of $1.8bn

Gulf Business
Ducab announces growth in revenue

Ducab Group, the UAE-based end-to-end energy solutions provider and industrial manufacturing company, registered growth across its business units in 2022.

The company announced a combined annual year-on-year (YoY) revenue increase of 19 per cent, with the metal business posting more than 23 per cent in YoY growth, followed by the cable business with more than 9 per cent.

“Ducab Group’s financial results reflect our growing business and continuously expanding network of markets and influential partners around the world,” said Khalid Lootah, chairman of Ducab Group, said in a statement.

Ducab committed to global expansion

“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,” he added.

“On the same note, the group recently announced the opening of its new headquarters in the Indian city of Bengaluru, making India the new home market for the group,” Lootah continued.

“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 said.

Read: UAE’s Ducab Group expands its footprint in India, opens office in Bengaluru

The group’s financial results for 2022 reveal that despite ongoing challenges from the pandemic years, as well as new threats in certain international markets and the global economy, it will be reporting more than 8 per cent growth in earnings before interest, taxes, depreciation, and amortisation (EBITDA).

The group posted total annual revenue of $1.8bn (Dhs6.6bn).

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.

In other news, Ducab and Union Pipes Industry (UPI) signed an agreement with Borouge to use its materials to produce energy and infrastructure applications to construct Borouge 4.

The company will produce low-voltage and medium-voltage cables to power Borouge 4 using Borouge’s energy solutions, while UPI will use Borouge’s ‘Made in UAE’ solutions to produce pressure pipes for the cooling and public sanitation system of Borouge 4.​

Read: Petrochem company Borouge wins two contracts worth $15m from UAE manufacturers

Committed to clean energy

Ducab remains focused on supporting the UAE’s move to clean energy sources. It was selected as the provider for all specialised cables for the Mohammed bin Rashid Al Maktoum Solar Park, one of the world’s largest renewable energy projects.

The solar PV complex has reached a generating capacity of over 1GW with the aim to reach 5GW by 2030.

In April last year, the group also announced its first major project in Mexico, which involves providing energy solutions to a 120 MW solar farm.

It is also offering cable solutions for wind power.

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