EGA’s net income increases 10 percent to AED2.1 billion

Abu Dhabi / Emirates Business

Emirates Global Aluminium (EGA), the largest industrial company in the United Arab Emirates outside the oil and gas industry, reported net income for 2016 of AED 2.1 billion, an increase of 10 per cent compared to 2015. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) stood at AED 5.0 billion, in line with 2015.
EGA’s aluminium production during 2016 was a record 2.5 million tonnes of hot metal, an increase from 2015’s 2.4 million tonnes.
In 2016, 82 per cent of EGA’s production was value-added products that commanded higher premia than standard aluminium products, an increase from 77 per cent in 2015.
Revenue for 2016 was AED 17.1 billion, a decrease of 9 per cent from AED 18.7 billion in 2015 as a result of lower global aluminium prices. EGA’s continuing focus on cost management and operational efficiencies contributed to the strong financial results.
Abdulla Kalban, EGA’s Managing Director and Chief Executive Officer said: “The hard work of EGA’s employees delivered strong financial performance in 2016 despite challenging conditions in the global aluminium market. This is a result of our focus on cost management, operational efficiencies, continuous improvement of our technology, and responsiveness to the needs of our customers around the world. I am pleased with the progress we have made in 2016 in strengthening
EGA’s position in the industry and contributing further to the industrial diversification of the UAE.” EGA owns and operates aluminium smelters in Jebel Ali in Dubai and Al Taweelah in Abu Dhabi. EGA’s production makes the UAE the fourth largest aluminium producing nation in the world.