Dubai, UAE – UAE cable giant Ducab Group Wednesday said it recorded a year-on-year increase of 19 percent in revenue in 2022. The Group posted total annual revenue of $1.8 billion (AED6.6 billion).
In a statement, Ducab said the metal business alone grew by more than 23 percent, followed by the cable business with more than 9 percent.
Ducab said that despite lingering challenges from the pandemic years, as well as new threats in certain international markets and the global economy, the Group will be reporting more than 8 percent growth in earnings before interest, taxes, depreciation, and amortization (EBITDA).
Furthermore, Ducab Metals Business (DMB), one of Ducab Group’s main business units, is set to triple its profits compared to 2021, driven by increased turnaround from its Al business. DMB produces copper and aluminum rods and conductors, which are used to manufacture electric wires, cables, high-voltage lines, and overhead conductors.
“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. Our products – all proudly made in the UAE – are now exported to 55 countries,” he added.
Ducab Group recently announced the opening of its new headquarters in the Indian city of Bengaluru.