Ducab posts record sales of $1.3bn in 2011

Ducab, the UAE-based power cable producer, has announced record sales of AED4.9bn ($1.3bn) for 2011, representing a 39 percent increase over the previous year. Significant areas of growth included 25 percent higher sales to the utilities sector and a 250 percent rise in sales to the oil, gas and petrochemical sector. The company also said it had repaid AED235m of loans by due dates during the past year. Ahmad Al Shaikh, chairman of Ducab, said in a statement: \"Our success in 2011 was the result of successful expansions and addition of new product ranges, and managing our financials. \"We have ventured into new sectors and markets within different regions, and repaid by due dates loans of AED235m, as well as paying dividend to our shareholders.\" He added: \"Our underlying profitability has doubled in 2011 as compared to 2010, which is a huge achievement for Ducab.\" Growth in Ducab\'s cables sales were driven by strong sales in all GCC markets. Al Shaikh said: \"Last year was a challenging period worldwide in the cabling industry, with sectors generating major demand, such as real estate and construction, not seeing much activity. \"However, we were able to complete the first half with good results which continued as well in the second half to round up a very successful 2011.\" Ducab\'s cables and copper products are currently sold in over 40 countries worldwide, with new markets set to be added in the future. About 60 percent of Ducab\'s total sales are made outside the UAE market. Last year, the company launched Ducab HV, an AED500m high voltage cable plant, and a joint venture between DEWA, ADWEA and Ducab.