Dubai – Ducab has announced that Eng. Jamal Salem Al Dhaheri has taken over as Chairman of the Board effective March 2017. Ducab Chairmanship is rotated between the equal shareholders of the company, Abu Dhabi’s Senaat and the Investment Corporation of Dubai (ICD). Eng. Al Dhaheri will follow Dr. Ahmad bin Hassan Al Shaikh, who served as Chairman of the Board from 2015-2017.
Ducab, now in its 38th year of operation, comprises four business areas; Ducab wire and cables; Ducab High Voltage, a joint venture with DEWA and ADWEA; Ducab Metals supplying copper rod and wire to the region; and the newest addition to the group, Ducab Aluminium Company (DAC), manufacturing Aluminium rod and conductor.
Handing over the reins of the fast-growing company, Dr. Al Shaikh said: “I am happy to hand over to my Board colleague Eng. Jamal Salem Al Dhaheri, and I am confident that under his guidance Ducab will continue to break new ground and reach new heights.”
“Despite another challenging year, the Ducab team delivered FY 2016 with improved sales performance that resulted in marked improvement in profitability across all business units. Continuous focus on operational efficiency coupled with successful implementation of several manufacturing optimization initiatives aided the improved results overall”, Ducab’s outgoing Chairman Dr. Ahmad Hassan Al Shaikh continued.
The Board of Directors has approved the Company’s consolidated financial statements and announced the results for 2016 for the overall cables and metals business.
The company concluded the year 2016 with 15 per cent overall EBITDA growth. As a result of high-value new and repeat orders from prominent regional and international customers as well as increased product diversification, Ducab increased its reach in International markets by 25 per cent.
Eng. Jamal Salem Al Dhaheri said: “Ducab’s ownership structure represents a unique partnership between Abu Dhabi and Dubai, and I am eager to continue the efforts to position Ducab as one of the most successful UAE-owned manufacturing brands. We have diversified into new sectors and markets within different regions, and reduced our short term borrowing by AED 228mn, as well as paying an increased dividend to our shareholders. Ducab places lot of emphasis on Sharia Complaint Financing and to that effect, 100% of our medium term financings are under sharia structure including the new project (DAC).”
“Given the competitive situation in all our markets, I am pleased to say that our profitability increased in 2016, which is an achievement we are proud of,” stated Eng. Jamal Salem Al Dhaheri.
Sales of cables and metals (copper rod and wires) grew both in the domestic UAE market and in a diverse range of export markets in 2016, highlighted by the first-of-its-kind supply of nuclear power-qualified cable range, Ducab NuBICC, to the Korean nuclear power programme.
The year 2016 marked several landmark achievements by the company including 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). The company also secured and delivered a US$10 million order of medium and low-voltage cables for the North East Bab Field Development Project, Phase III: Rumaitha and Shanayel fields,; a US$70 million delivery to the Clean Fuels Project in Kuwait, multiple OGP related projects with ADNOC, Riyadh Metro, amongst many others.
Looking forward, the company will expand its product portfolio further to include aluminium rods and conductors with the official opening of Ducab Aluminium Company (DAC) located in Khalifa Industrial Zone Abu Dhabi (KIZAD) later in 2017. Commissioned in late 2016, DAC was EGA’s first customer to receive a delivery of molten aluminium from their Al Taweelah smelter in KIZAD via the Hot Metal Road. Full production capacity is 50,000tpa of rod and conductor.