Page 33 - DUBAL HOLDING PR REPORT - FEBRUARY 2024

2/23/24, 1:28 PM Dubal Holding net yearly profit down by half | AGBI
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.

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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.

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