Dubal Holding (DH) saw a record net profit of AED2.7 billion ($735.19 million) for 2021, local reports have said.
The company had seen profits of AED217 million ($59.09 million) for the previous year, said the reports.
The numbers point to an increase of nearly 1,150 percent in net profit for the investment arm of Dubai government in the commodities and mining, power and energy, and industrial sectors.
The numbers were reportedly announced at the company’s annual general meeting presided over by DH Chairman Saeed Mohammed Al Tayer.
The meeting was held at Dubai Electricity and Water Authority (DEWA), and was attended by the shareholder representatives from Investment Corporation of Dubai (ICD), with participation from DH Board and management, and its auditors.
A combination of good operational performance and record profits made by DH’s 50 percent subsidiary Emirates Global Aluminium (EGA) due to soaring global prices of aluminum, made 2021 an exceptional year for DH, said the local reports.
Ahmad bin Fahad, CEO of Dubal Holding, was quoted by the local reports as saying that 2021 was “an excellent year for the aluminum market, with demand forecasted to remain robust in coming years.”
He added: “However, while continuing to build on a national aluminum downstream cluster, we are planning for strategic acquisitions for further expansion in the global market.”
Bin Fahad also highlighted a number of projects in the planning stage, which include a plant for electronic waste management, and another facility to transform plant residues and food waste to emission-free biofuel.