Emirates Global Aluminium (EGA), the world’s largest premium aluminium producer and the UAE’s leading industrial entity outside the oil and gas sector, has reported robust financial results for the first half of 2024.
The company’s solid performance reflects sustained global demand for its premium aluminium products.
EGA’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortisation (adjusted EBITDA) reached AED 4.20 billion (US$1.14 billion), marking a slight increase from AED 4.15 billion (US$1.13 billion) in the same period in 2023. Net profit stood at AED 1.84 billion (US$500 million), compared to AED 1.96 billion (US$533 million) in the first half of 2023.
The company’s aluminium segment saw an improved adjusted EBITDA margin of 27.5 percent, surpassing the 26.9 percent margin recorded in the first half of 2023. This performance positions EGA as a leader among global industry peers.
EGA CEO Abdulnasser bin Kalban attributed the company’s success to its focus on operational excellence, cost control, and long-term relationships with global customers. He highlighted the acquisition of Leichtmetall and progress in developing a recycling plant in the UAE as key milestones in EGA’s strategy to meet the growing demand for low-carbon aluminium.
Acting CFO Mohamed Almarzooqi noted that EGA’s strong operational and financial performance has enhanced its leverage position, enabling the company to capitalize on opportunities in the growing market for low-carbon aluminium.
In the first half of 2024, EGA sold 1.30 million tonnes of cast metal to 411 customers in 57 countries, with 82 percent of these sales being value-added products or ‘premium aluminium.’ This represents a rise from 77 percent in the first half of 2023, driven by an 18 percent year-on-year increase in demand for billets.
EGA also produced 1.34 million tonnes of hot metal at its Al Taweelah and Jebel Ali smelters, up from 1.32 million tonnes in the same period last year. The Al Taweelah alumina refinery produced 1.22 million tonnes of alumina, a rise from 1.15 million tonnes in 2023.
The acquisition of Leichtmetall in May 2024 marks EGA’s first strategic acquisition since its formation in 2014 through the merger of Dubai Aluminium and Emirates Aluminium.
News Source: Emirates News Agency
