Dubai – Mubasher: Ducab cable manufacturing company reported on Tuesday a sales growth of 10% and an overall EBITDA increase of 15% during fiscal year 2016, after the company’s board of directors approved its financial statements.
The company expanded its export business by 25% in 2016 due to high-value orders from regional and international customers and increased product diversification, while sales growth pushed the company’s profitability higher across all business units, according to a company press release.
The year 2016 saw several achievements by the company, as it recorded significant product diversification, as well as the addition of new customers and new markets.
In the region, Ducab supplied cabling solutions to major projects, including Dubai Parks and Resorts, Al Ain Hospital, Blue Water Island, and Abu Dhabi Airport’s Midfield Terminal Building (MTB).
Ducab had previously announced that Jamal Salem Al Dhaheri has taken over as the chairman of the company’s board starting March 2017, as the position gets rotated between the equal shareholders of the company, Abu Dhabi’s Senaat, and the Investment Corporation of Dubai (ICD).
“We have diversified into new sectors and markets within different regions, and reduced our short-term borrowing by AED 228 million, as well as paid an increased dividend to our shareholders,” Al Dhaheri said.
Ahmad bin Hassan Al Shaikh, Ducab’s previous chairman, stressed that the company will continue to improve and break new ground under the leadership of the new chairman.
The company is currently looking forward to expand its product portfolio further to include aluminium rods and conductors, marking the official opening of Ducab Aluminium Company (DAC) located in Khalifa Industrial Zone Abu Dhabi (KIZAD) later in 2017.
