Emirates Global Aluminium delivers net profit of $1.60bln in first half

Emirates Global Aluminium delivers net profit of $1.60bln in first half

ABU DHABI - Emirates Global Aluminium (EGA) today reported its best ever half-year earnings as strong operational performance throughout the value chain enabled the company to capitalise on favourable market conditions. EGA's net profit for the first half of 2022 exceeded net profit for the entirety of 2021, itself a record year for the company.

The company's net profit was AED5.9 billion, compared to AED1.7 billion in H1 2021.

EGA's adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation (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.

Sales of cast metal increased by 11 percent to 1.31 million tonnes, compared to 1.18 million tonnes in the first half of 2021.

EGA implemented production creep plans and mitigation measures for global logistics challenges. It supplied more than 400 customers with metal in over 50 countries.

Sales of value-added products or 'premium aluminium' increased five percent to 1.07 million tonnes from 1.02 million tonnes in H1 2021.

Premium aluminium accounted for 82 percent of total metal sales, compared to 86 percent in H1 2021, with the company focusing on optimising EBITDA contribution from sales amid the high volatility of alloy metal prices.

EGA's aluminium segment