DUCAB, the manufacturer of cables and cables-relevant copper products, reported its revenue for 2012 hit Dh4.2 billion ($1.14 billion) compared to Dh4.9 billion. The drop was mainly due to a 10 per cent fall in copper prices over the same period coupled with a change in product mix, said the company in its statement.

The key areas of growth included 24 per cent higher sales to the oil, gas and petrochemical sector and an increase of 42 per cent in cable exports including a 72 per cent increase in international markets (beyond the GCC region), it stated.

Commenting on the results, chairman Jamal Al Dhaheri said: “Our success in 2012 was the result of successful expansions in new markets and introduction of new products coupled with tight financial control. We have ventured into new sectors and markets across various territories.”

According to him, Ducab increased market share in the core market of the UAE despite increasingly difficult market conditions in 2012. “Our traditional strength in the home market was reinforced with innovative promotions to support the distribution chain,” he stated.

Al Dhaheri pointed out that Ducab remained financially strong and was able to slash borrowings by Dh198 million during the year.

The core business profitability was up 10 per cent from the previous year and the board agreed to increase dividend to shareholders by 25 per cent, he observed.

Another highlight was the first full year of operation of Ducab HV, the Dh500 million high voltage cable plant that opened during the previous financial year.

In addition to supplying high voltage cables to both its utility partners, Adwea and Dewa, Ducab HV was successful in winning its first major export order for Kuwait’s Ministry of Electricity and Water valued at Dh62 million.