Dubai: Expansion in new markets has ensured notable gains in Ducab Group’s business units during 2022. With a combined annual year-on-year revenue increase of 19 per cent to Dh6.6 billion, Ducab’s metal business alone posted more than 23 per cent in year-on-year 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,” asserted Khalid Lootah, Chairman of Ducab Group.
“We remain committed to expanding our footprint to new key markets around the world,” he added. “Our products – all proudly made in the UAE – are now exported to 55 countries.”
Ducab Group recently announced the opening of its new headquarters in the Indian city of Bengaluru, making India the new home market for the group. “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,” Lootah said.
The Group reported more than 8 per cent growth in earnings before interest, taxes, depreciation, and amortisation (EBITDA).
Furthermore, Ducab Metals Business (DMB) is set to triple its profits compared to 2021, driven by increased turnaround from its Al business, UAE cable giant said in a statement on Wednesday.