Revenue growth expected by 25% over last year
Ducab increases exports of aluminum cables by 50% in 2021
The volume of domestic consumption of cables currently amounts to about 120 thousand tons.
archival
Mohammed Al-Mutawa: "The UAE cable industry relies heavily on the (value-added) program for national industries."
picture
The CEO of Ducab Group, Muhammad Abdul Rahman Al-Mutawa, stated that “the returns of the group’s operations for the year 2021 are expected to record a growth rate of around 25%, compared to 2020.”
In statements during a press meeting held by the group, on the sidelines of the participation in the 47th edition of the "Middle East Energy" exhibition at the Dubai World Trade Center, he indicated that the inclusion of "Ducab" in the financial market is due to a (government decision), as it is owned by the governments of Abu Dhabi and Dubai. .
He explained that “the volume of domestic consumption of cables currently amounts to about 120,000 tons, with Ducab accounting for 70% of the local market, while it increased its exports of aluminum cables during 2021 by about 50% compared to 2020, as it works to strengthen and expand its exports in Several markets, including Britain and Australia.”
Al-Mutawa pointed out that the company’s production of cables amounts to about 100,000 tons, and of copper up to 170,000 tons, from the three business units of the group, which are: Ducab, the main wire and cable business unit;
Ducab Metal Factory, which specializes in providing high quality metal products for industrial uses;
and Ducab Factory for High Voltage Products, which provides high voltage solutions to the utility and utility sectors.”
He revealed that “the global primary aluminum prices have recently risen significantly to reach four thousand dollars per ton since the beginning of this year, compared to the average price of 2,400 dollars per ton, while copper prices rose to about 10.8 and 10.9 thousand dollars per ton, compared to the average price of 9700.” dollars in the year 2021, which poses significant challenges to aligning the high costs of production with the final price borne by the final consumer in the end.
Al-Mutawa stressed that the UAE cable industry is relying strongly on the "value-added" program for national industries, which was launched months ago, in addition to the high demand for Ducab products from the oil projects launched by the UAE government recently, especially in the Ruwais and other projects.
He pointed out that the outbreak of war between Russia and Ukraine had no effect on Ducab's business in terms of raw materials or export to both countries, stressing that the company always has alternative markets to secure its reserves of raw materials on a quarterly basis at least, if not more. .
Al-Mutawa revealed the completion of cable supply operations for the fourth phase of the "Mohammed bin Rashid Solar Energy Complex", while the supply continues for the "Al Dhafra Solar Energy" project in Abu Dhabi, and it is working with contractors to supply cables for the "Etihad Train" project, anticipating an increase in local demand for infrastructure projects. And real estate projects in the UAE after “Covid-19”, while the company recently acquired the electrical interconnection project between Baghdad and Amman, and the company also supplies renewable energy projects in India.
Follow our latest local and sports news and the latest political and economic developments via Google news