Dubai power cable manufacturer Ducab has credited “successful expansions” new products and strong financial management as the reasons for its record sales in 2011.

Announcing sales of AED 4.9bn, the figure represents a 39% increase on 2010, 25% higher sales to the utilities sector and a record 250% increase in sales to the oil, gas and petrochemical sector.

“Our success in 2011 was the result of successful expansions and addition of new product ranges, and managing our financials,” said Ducab chairman, Ahmad Al Shaikh.

“We have ventured into new sectors and markets within different regions, and repaid by due dates loans of AED 235mn, as well as paying dividend to our shareholders. Our shareholders equity also increased by AED 138mn by the end of last year,” he added.

Despite being a privately owned company Al Shaikh said the decision was taken to publicise the results in light of the achievement made.

“Last year was a challenging period worldwide in the cabling industry, with sectors generating major demand, such as real estate and construction, not seeing much activity. However, we were able to complete the first half with good results which continued as well in the second half to round up a very successful 2011. UAE National Development continues to be a core focus with 40% of senior management and 18% of white collar staff positions held by UAE Nationals,” he continued.

Last year also saw the inauguration of Ducab HV, an AED 500m high voltage cable plant, and a joint venture between DEWA, ADWEA and Ducab.