ABU DHABI, 23 August 2022 (WAM) — Emirates Global Aluminum (EGA) today posted a record six-month closing as strong operational performance across the value chain enabled the company to capitalize on favorable market conditions. reported interim earnings. EGA’s net profit for the first half of 2022 surpassed that for the entirety of 2021, making it a record year for the company in itself.
The company’s net profit was AED 5.9 billion, compared to AED 1.7 billion in the first half of 2021.
EGA’s adjusted earnings before interest, tax, depreciation and amortization (Adjusted EBITDA) was a record AED7.6 billion in the first half of 2022 compared to AED3.5 billion in the same period last year.
Castings sales increased 11% to 1.31 million tonnes from 1.18 million tonnes in the first half of 2021.
EGA implemented production creep planning and mitigation measures for global logistics challenges. In over 50 countries he has supplied metal to over 400 customers.
Sales of value-added products or ‘Premium Aluminum’ increased 5% to 1.07 million tonnes from 1.02 million tonnes in the first half of 2021.
Premium aluminum accounts for 82% of total metals sales, compared to 86% in the first half of 2021, and company optimizes EBITDA contribution from sales amid volatile alloy metal prices I am focusing on.
EGA’s aluminum segment EBITDA margin was 41%, compared to 32% in the first half of 2021, leading major global peers.
Al Taweelah alumina refinery production increased to 1.15 million tonnes of alumina from 1.09 million tonnes in the first half of 2021 despite a planned maintenance shutdown. EGA sourced approximately 45% of the company’s total alumina needs from its own alumina refineries during this period.
Bauxite ore exports from Guinea increased 11% to 6.49 million tonnes from 5.85 million tonnes in the first half of 2021.
Aluminum prices hit a 10-year high in the first half of 2022. The benchmark price on the London Metal Exchange declined later in the period, while the EGA half-year average realized price was $3,063 per tonne.
EGA Chief Executive Officer Abdulnasser bin Kalban said: The net profit for the first half of the year exceeded the net profit for the whole last year.
“During the first half of the year, we worked to eliminate operational bottlenecks, optimize the customer and product mix to maximize revenue, ensure cost control and set the path for future growth. We will continue to focus on delivering competitive returns to the sector as the global aluminum market develops.”
EGA Chief Financial Officer Zouhir Regragui said: The next stage in our corporate journey.
After the end of the first half of 2022, EGA made advance payments of AED 2.9 billion in bonds. In total, EGA has paid AED 6.5 billion in advance since January 2021, and he paid AED 968 million in scheduled payments.
After the end of the first half, EGA paid its shareholders an interim dividend of AED 2.2 billion.
EGA supplies UAE customers with 141,000 tonnes of metal and is one of the UAE’s most important industrial sectors, producing everything from auto parts to window frames for local use and global export. He was a driving force behind ‘Make it in the Emirates’ and enabled its continued success. This was his 11% of total metal sales.
