Dubal Holding net yearly profit down by half

Dubal Holding

• Profit falls by $523m from 2022
• Acquisitions in aluminium sector
• Seeking investments in hydrogen

Dubal Holding, the investment company owned by the Dubai government, has announced a 50 percent drop in net profit for 2023 compared to the previous year.

Dubal Holding, which invests in the commodities, mining, power, energy and industrial sectors, recorded a net profit of AED 1.79 billion ($487 million) for 2023, down from the previous year’s figure of AED 3.7 billion.

The company said it had made international acquisitions, including an investment in the aluminium industry, to grow its aluminium portfolio.

• UAE industrial giant pins future on net zero 2050 ambitions
• Aluminium: waiting for the rise in demand
• UAE aluminium refiner to test converting waste to soil

Dubal Extrusion Investment, a Dubal Holding subsidiary, completed the acquisition of Thermalex, a US aluminium extrusion company specialising in aluminium multiport extruded tubes.

Dubal Holding also increased to 60 percent its ownership of OSE, a Dubai aluminium extrusion company specialising in products for the electric vehicle market, the solar power industry, and the heating, ventilation and air conditioning sector.

Saeed Mohammed Al Tayer, Dubal Holding’s chairman, told the company’s annual general meeting that this strategic direction contributed to enhancing the competitiveness of the UAE and Dubai in the global aluminium market.

The company said it was exploring other investments, including machined components for the automotive industry and in energy sectors such as hydrogen.