Dubai Aluminum Company Limited net profit surged 101.8% to AED 2.13 billion in 2010 as sales and production marked significant increase during the year.
The state owned aluminum giant achieved gross sales revenue of AED 8.67 billion last year compared to AED 6.89 billion in 2009 and maintained its status as one of the most profitable corporations in the Emirate of Dubai’s portfolio.
Dubal’s status has been maintained as one of the most profitable corporations in the Emirate of Dubai’s portfolio.
Mr Shaikh Hamdan who is also the chairman of the Dubal board chaired the ordinary annual general meeting of the company at Dubal’s Jebel Ali site. Mr Ahmed Humaid Al Tayer vice chairman of Dubal, Mr Abdulla J M Kalban president and CEO of Dubal, board of directors and Mr Khalifa Hassan Al Dabbous representing Investment Corporation of Dubai also attended the meeting.
Mr Kalban said that Dubal’s achievements in 2010 reflect a combination of higher production and sales volumes, plus the benefit of higher aluminium prices, coupled with sustained focus on controlling the cash conversion cost, the latter despite increasing pressure on the purchase prices of raw materials. Reducing budgeted capital expenditures and maintaining tight working capital control also contributed significantly to achieving a improved cash generation from operating activities and free cash flow.
Moreover, both cast product and sales volumes exceeded one million metric tonnes for the second consecutive year with DUBAL selling 1.5% more metal in 2010 than in 2009. These statistics highlight the company’s ranking as a major supplier of premium quality, highest purity aluminium to the global market, especially as more than 88% of Dubal’s annual production is exported to more than 300 customers in at least 45 countries in various parts of the world.
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