Profit rose to AED3.52bn ($953M) thanks to higher production and sales volumes, combined with higher aluminium prices. In 2010 profit was AED2.129bn.

Dubal's record profits were thanks largely to a 28.5% y-o-y increase in gross sales to AED11.14bn ($3.03bn), making it one of the most profitable Dubai government businesses.

Dubal’s leading position is further affirmed by compound annual revenue and profit growth rates from 1996 to 2011 of 13%,” stated HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Chairman of the Dubal Board.

"Reducing budgeted capital expenditures and maintaining tight working capital control contributed significantly to achieving improved cash generation from operating activities and free cash flow," chief executive Abdulla Kalban said in a statement.

The company, which began operations in 1979 and now has a production capacity of more than 1Mt/y, said increased revenues from its share in the Emirates Aluminium smelter near Abu Dhabi also helped drive income to record levels last year.