Emirates Global Aluminium PJSC (EGA) released results for the first half of 2022 this week. Numbers were up across the board due to both an improvement in operational performance and a global economic recovery from the depths of the COVID-19 recession.
In the year’s first half EGA turned in an adjusted EBITDA of US$2.1 billion, up from US$950 million on the year. Net profit for the half came to US$1.6 billion, better than not only last year’s first half net profit of US$473 million, but also surpassing the entirety of last year’s net profit of US$1.5 billion, which itself was a company record.
EGA’s aluminium segment EBITDA margin totaled 41 percent in the first half, increasing by 9 percent last year and placing it among the industry’s top performers in that category. Revenue in the half nearly doubled, increasing from US$2.9 billion last year to US$5 billion this year.
Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said in a press release that the better results are the result of both improved operational performance and a better market overall.
“After our record performance in 2021, I noted that EGA could still do better and indeed we improved our operational performance across the value chain from mining to outbound logistics for finished metal. This enabled us to capitalise on strong market conditions. Our net profit for the first half exceeded net profit for the entirety of last year.”
“During the first half we worked to debottleneck our operations, optimise our customer and product mix to maximise our revenue, robustly control our costs, and set the course for future growth,” he continued. “We will continue to focus on delivering competitive returns for our sector, however the global aluminium market develops.”
Based in Abu Dhabi, United Arab Emirates, Emirates Global Aluminium is an aluminium conglomerate created by the merger between Dubai Aluminium (DUBAL) and Emirates Aluminium (EMAL) in 2013. EGA had an estimated enterprise value of US$15 billion at the time the merger took place. The firm is owned equally by Mubadala Development Company of Abu Dhabi and Investment Corporation of Dubai. Emirates Global Aluminium holds interests in bauxite/alumina and primary aluminium smelting.
