Emirates Global Aluminium announces net profit of AED7.4 billion in 2022

Emirates Global Aluminium announces net profit of AED7.4 billion in 2022

ABU DHABI, 7th March, 2023 (WAM) -- Emirates Global Aluminium (EGA) on Tuesday reported its strongest-ever financial results, announcing net profit of AED7.4 billion ($2.0 billion), up 34 percent from AED5.5 billion ($1.5 billion) in 2021.

EGA’s adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (adjusted EBITDA) for 2022 was up 37 percent to a record AED12.4 billion ($3.4 billion), compared to AED9.0 billion ($2.5 billion) in 2021.

EGA’s adjusted EBITDA margin was 36 percent, one of the best amongst global industry peers.

EGA delivered record production at every step of the aluminium value chain from mining to cast metal.

Bauxite exports from the Republic of Guinea rose 16 percent to 14 million wet metric tonnes. EGA’s bauxite mining subsidiary, Guinea Alumina Corporation, contributed AED507 million ($138 million) to adjusted EBITDA.

Al Taweelah alumina refinery produced 2.43 million tonnes of alumina, up 5 percent and meeting 47 percent of EGA’s total alumina needs, and making an AED919 million ($250 million) contribution to EGA adjusted EBITDA.

EGA’s hot metal production recorded 2.65 million tonnes. During 2022, EGA passed 40 million tonnes of hot metal produced since the start-up of Jebel Ali in 1979.

EGA cast this hot metal into a record 2.73 million tonnes of finished products. Value-added