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Ducab announced record sales of US$1.3 billion for 2011, representing a 39 per cent increase over the previous year, as the company ventured into new sectors and regions.
Significant areas of growth included 25 per cent higher sales to the Utilities sector and a record 250 per cent increase in sales to the Oil, Gas and Petrochemical sector.
Commenting on the results, Ahmad Al Shaikh, Chairman of Ducab, at press conference in Dubai said: “Our success in 2011 was the result of successful expansions and addition of new product ranges. We have ventured into new sectors and markets within different regions.”
“Our underlying profitability has doubled in 2011 as compared to 2010, which is a huge achievement for Ducab,” he added.
Ducab’s cables sales were almost US$820mn for the year with growth driven by strong sales in all GCC markets. Ducab’s cables and copper products are currently sold in over 40 countries worldwide across Middle East, Europe, Africa, and Far East in Asia, and this number will only grow in coming months and years. Approximately 60 per cent of Ducab’s total sales are made outside the UAE market.
A major highlight in Ducab’s 2011 achievements was the inauguration of Ducab HV. The plant’s products cover the highest voltages used in the GCC, ensuring that Ducab’s utility partners and other customers can source energy infrastructure and cables from a local supplier.
“Ducab-HV will offer exceptional quality, stringently tested, high voltage products and cables to local and regional markets, thereby providing a very viable alternative to imports. It presents a significant step in Ducab’s ethos of innovation and R&D, and will meet the highest voltage requirements in the UAE and GCC,” Al Shaikh said.
“Last year was a challenging period worldwide in the cabling industry, with sectors generating major demand, such as real estate and construction, not seeing much activity. However, we were able to complete the first half with good results which continued as well in the second half to round up a very successful 2011,” concluded Al Shaikh.