Dubal Holding (DH) is on an upswing and it has posted record high financial results for FY2021.
The company’s net profit went up to $735 million (Dh2.7 billion) compared to $59 million (Dh217 million) for the prior year.
The 1,145 per cent year-on-year growth in net profit is a huge achievement. It happened due to a combination of good operational performance, as well as record profits made by DUBAL Holding’s 50 per cent subsidiary, Emirates Global Aluminium (EGA), due to soaring global prices of aluminium in 2021, the firm pointed out.
Dubal Holding is the investment arm of Dubai Government in the commodities and mining, power, energy, and industrial sectors.
The company’s results were revealed during its annual general meeting held at the Dubai Electricity and Water Authority (Dewa). The meeting was presided over by Saeed Mohammed Al Tayer, the chairman of Dubal Holding.
He said: “We strive to achieve the directives of our wise leadership to strengthen the UAE and Dubai’s position in the global economy. Our wise leadership, with its vision that shapes the future, made an early investment in the aluminium industry.
“Today, this sector witnesses a strong demand and is powering new emerging industries, and assuming a bigger role in sustainable development. This strategic direction contributes to enhancing the competitiveness of the UAE in the global aluminum markets of the future.”
Vice chairman of Dubal Holding Abdulla Jassem Kalban said: “DUBAL Holding continues to play its vital twofold role by investing in high-yield, long-term projects that serve the national economy, on the one hand, and contribute to the UAE’s sustainability goals.”
Dubal Holding has been entrusted with overseeing a number of projects. One among them is the implementation of the Dubai Waste Management Centre at Warsan – one of the world’s largest waste-to-energy (WtE) plants – which will treat approximately 1.9 million tonnes of solid municipal waste per year and bring electricity to over 100,000 households.
