Emirates Global Aluminium PJSC (EGA) released results for 2022 this week. The firm rode the wave of higher aluminium prices to a record AED7.4 billion (US$2.01 billion) in net profit for the year.
The bottom-line improvement of 34 percent came in part due to the average realized London Metal Exchange price of US$2,715 per metric ton of primary aluminium. Prices at the exchange rose to a ten-year high of US$3,985 per metric ton last spring, pulling up EGA’s numbers for the year.
Abdulnasser Bin Kalban, Chief Executive Officer of EGA, elaborated upon the year’s financial results in a press release.
“At EGA, we delivered our best-ever results by focusing throughout the year on what we control – the safety of our people, operational excellence, our costs, and our commercial relationships with our long-term global customers. Our performance demonstrated our resilience and strength at every step of the value chain.”
“I am confident that EGA will deliver another competitive performance in 2023 compared to peers in the sector,” he continued.
Bin Kalban went on to say that the outlook for the current year is promising as well.
“The immediate outlook for aluminium remains under some pressure due to its close correlation to the health of the global economy. More broadly, the prospects for EGA and our sector are very strong due to aluminium’s role in decarbonisation economy-wide. EGA will capitalise on this significant opportunity.”
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.