UAE’s Dubal forecasts 2011 profit to grow by up to 35%

01 Dec 2011

(MENAFN) Dubai Aluminum’s Corp (Dubal) spokesman, Khalid Buhumaid, said that the company’s profit in 2011 would be forecasted to record an increase of up to 35 percent from 2010, reported Arabian Business.

Buhumaid added that the government-owned firm had sufficient reserves until 2017, restating that Dubal had no plans to issue a bond at the current time.

On the other hand, Dubal’s vice chairman, Ahmed Humaid Al Tayer, said that the company was valued at USD7 billion, adding that last year’s net profit increased more than a double to reach USD580 million.

It is worth noting that Dubal and Abu Dhabi’s investment company own Emirates Aluminum.

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