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FINANCIAL NEWS
UAE’s Ducab H1 sales up 50%
11 Aug 2011
(MENAFN) Ducab’s managing director, Andrew Shaw, said that due to high sales in the GCC markets, the power cables maker’s sales in the first half grew 50 percent from 2010 to USD653 million, reported Gulf News.
Shaw added that sales of cables in the period reached USD381 million, whereas sales of copper products contributed with the rest, moreover, in the period the company was able to repay USD82 of its loans, compared with USD19.8 million in 2010.
He also said that Ducab’s output of copper reached 110,000 tones equivalent of low-voltage, medium- and high-voltage cables, adding that the company was working to finish the final commissioning of the USD136 million joint venture with Dewa and Adwea, in order to establish a new factory that would manufacture Extra High Voltage cables.
It is worth noting that Ducab is a 50:50 joint venture between the governments of Abu Dhabi and Dubai.
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