Dubai Aluminium (Dubal) yesterday reported a 13 per cent year-on-year increase in net profit to Dh1.79 billion as technological innovations pushed down manufacturing costs.
“[Dubal remains] one of the most profitable corporations in the Emirate of Dubai,” said Sheikh Hamdan bin Rashid, Deputy Ruler of Dubai, UAE Minister of Finance and the chairman of Dubal.
Despite a 3 per cent fall in revenues to Dh9.5bn last year, significant cost reductions followed the adoption of “DX technology”, which allows for aluminium to be produced using smaller amounts of electricity.
The company produced just over 1 million tonnes of aluminium last year.
Safety also improved, as injuries fell by 39 per cent compared to three years previously, according to the company.
Emirates Aluminium (Emal), a joint venture between Dubal and Abu Dhabi’s Mubadala Development, brought new production facilities online in September and aims to have an annual production capacity of 1.3 million tonnes by the end of this year.
Last year Emal and Dubal announced plans to merge to form Emirates Global Aluminium. This new company, which will have an anticipated market value of US$15bn, according to the Financial Times, is expected to become the world’s fifth-largest producer by volume.
Khaldoon Khalifa Al Mubarak, Mubadala’s chief executive, described the mooted company as “a major industrial champion and engine of economic development for our people”, at the time of its announcement.
Aluminium Bahrain, one of the world’s largest producers, recorded a gross profit of 108.6 million Bahraini dinars (Dh1.05bn) this year, up 3.2 per cent against last year’s profits, as sales increased by 0.75 per cent.
This is on the back of a fallow period for aluminium, as the metal trades close to a four-year low on commodities markets.
The three-month forward price for aluminium on the London Metal Exchange hit a low of $1,677 per tonne this month – its lowest price since July 2009. It was trading at $1,745.5 in early noon trading yesterday on the LME.
abouyamourn@thenational.ae
McIlroy's struggles in 2016/17
European Tour: 6 events, 16 rounds, 5 cuts, 0 wins, 3 top-10s, 4 top-25s, 72,5567 points, ranked 16th
PGA Tour: 8 events, 26 rounds, 6 cuts, 0 wins, 4 top-10s, 5 top-25s, 526 points, ranked 71st
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Volunteers offer workers a lifeline
Community volunteers have swung into action delivering food packages and toiletries to the men.
When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.
Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.
Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.
“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.
Workers spoke of their helplessness, seeing children’s marriages cancelled because of lack of money going home. Others told of their misery of being unable to return home when a parent died.
“More than daily food, they are worried about not sending money home for their family,” said Kusum Dutta, a volunteer who works with the Indian consulate.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
COPA DEL REY
Semi-final, first leg
Barcelona 1 (Malcom 57')
Real Madrid (Vazquez 6')
Second leg, February 27
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Coming 2 America
Directed by: Craig Brewer
Starring: Eddie Murphy, Arsenio Hall, Jermaine Fowler, Leslie Jones
3/5 stars
