Dubal Holding records Dh1.79 bn net profit for 2023

Dubal Holding LLC (DH), the investment arm of the Dubai Government in the commodities and mining, power and energy, and industrial sectors, recorded a net profit of Dh1.79 billion in 2023, representing another year of good performance for the group.

Chairman Saeed Mohammed Al Tayer announced the results at DH’s annual general meeting (AGM).

Members of the board and management of DH were present at the meeting, along with its auditors and shareholder representative from Investment Corporation of Dubai (ICD). DH had a remarkable year due to its international acquisition, new expansion as well as effective operational performance.

Al Tayer and the members of the board were briefed on the status of various ongoing projects at DH, including its focus on aluminium downstream extrusion projects. In addition to the acquisition of Thermalex located in Alabama, USA, DH is also exploring the possibility of other opportunities including large profiles and machined components for the automotive, industrial and new energy verticals such as hydrogen, as well as building a recycled aluminium/cast house facility from extrusions / profiles to utilize scrap generation from group companies to produce billets that meet specific customer requirements for low carbon initiatives.

Al Tayer was also informed of the diverse and strategic investments made during the period, which had a significant impact on the company’s positive outcomes. DH’s portfolio of investments includes a 50 per cent shareholding in Emirates Global Aluminium (EGA), UAE; a minority stake in Sinoway Carbon - a Calcined Petroleum Coke producing plant located in Shandong Province, China; and full ownership of both OSE Industries LLC (OSE), a Dubai-based aluminium extrusion company, and Thermalex.

Al Tayer was briefed on the efforts made by DH and its consortium partners to make major progress toward the construction of the largest waste-to-energy facility in the world, located in Warsan, Dubai. ‘First Fire’ or the production of electricity by burning municipal solid waste (MSW) and reaching the design capacity of burning 5,555 tonnes of MSW in a single day were also major achievements of the year. The project construction is estimated to be fully completed by July 2024 which is within time and budget.