Emirates Global Aluminium (EGA), the biggest industrial company in the United Arab Emirates outside oil and gas, today reported competitive financial results for 2023, with production records at every step of the company’s value chain.
In 2023, Emirates Global Aluminium (EGA) reported adjusted Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) of AED7.7 billion ($2.1 billion), despite a decline in the global aluminum market from the record highs of the previous year. The company maintained its total dividend payout at AED3.7 billion ($1 billion), matching the 2022 record dividends. EGA's revenue was AED29.5 billion ($8.0 billion), reflecting lower global benchmark aluminum prices offset by increased production and higher global bauxite prices compared to AED34.6 billion ($9.4 billion) in 2022.
EGA's net profit for 2023 was AED3.4 billion ($937 million), with notable achievements in bauxite exports, alumina production, and hot metal manufacturing. The Najah transformation program contributed AED2.6 billion ($696 million) in recurring cost and revenue improvements during the year, and EGA's total metal sales reached a record 2.75 million tonnes. Despite challenges in the global economy, EGA's performance demonstrated resilience and strategic advancements.
Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said,
“In 2023, EGA again delivered strong performance in what we control – the safety of our people, operational excellence, our costs, and our long-term commercial relationships with our global customers. This enabled us to continue to deliver competitive financial results compared to our global peers, and record-equalling dividends for our shareholders.
“Global aluminium prices were lower than in 2022, amid a less robust economy. However, prices remained higher than historic annual averages for the eight years before the pandemic.
“We believe the outlook for aluminium in the long term is very positive, because our metal is an essential material for the development of a more sustainable society. Global aluminium demand is expected to grow significantly over the coming decades, particularly for low-carbon and recycled metal. EGA is well set to capitalise on these growth opportunities and further strengthen our position in the global aluminium industry.”
News Source: Emirates News Agency
