The state-owned aluminium producer, also known as Dubal, announced a Dh1.79 billion net profit for 2013, compared to Dh1.58 billion the previous year.
"Dubal's leading position is further affirmed by compound annual revenue and profit growth rates from 1996 to 2013 of 10.3 per cent and 6.9 per cent respective," stated
But sales revenues dropped 3 per cent to Dh 9.5 billion, down from Dh9.77 billion in 2012. In 2011 the company posted Dh11.144 billion in sales revenue.
"Sales revenue was suppressed by lower
The spokesperson stated that because the major proportion of Dubal's production is value-added products, profits were up due to the premiums charged, as well as better unit costs.
Dubal is owned by the
Dubal's net profit includes its share in
The merger is set to be completed in the coming weeks with
Dubal stated its balance sheet improved through repayments of long-term loans, however, it did not state how much it paid or how much it continues to owe.
In 2013, the aluminium producer, located in
"Hot metal production in 2014 is forecast to exceed 1.04 million tonnes. This higher volume is in keeping with increasing demand for aluminium worldwide, where analysts forecast growth being sustained at 5 to 6 per cent per annum," the Dubal spokesperson stated.
The spokesperson added that emerging markets represent the strongest growth with the company's newest markets in
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