EGA reports 14.8% revenue drop in 2023

EGA reports 14.8% revenue drop in 2023

In a statement released on Tuesday, the company’s Chief Executive Officer, Abdulnasser Bin Kalban highlighted EGA’s focus on safety, operational excellence, cost management, and long-term commercial relationships as key factors contributing to success.

Emirates Global Aluminium (EGA), the biggest industrial company in the United Arab Emirates outside oil and gas , has announced its financial results for 2023, reporting competitive performance amid challenging market conditions and a drop in profits from the previous year.

In terms of financial highlights, EGA reported a revenue of $8 billion (AED29.5 billion) for 2023, down from $9.4 billion (AED34.6 billion) in 2022. EGA attributed the 14.89% decline to lower global benchmark prices for aluminium, which it said were partially offset by increased production and sales volume.

Adjusted EBITDA for 2023 was $2.1 billion (AED7.7 billion), compared to $3.4 billion (AED12.4 billion) in 2022, with improved operational efficiency and cost discipline helping to mitigate the impact of the challenging global aluminium market, EGA said.

Net profit for 2023 stood at $937 million (AED3.4 billion), down from $2.0 billion (AED7.4 billion) in the previous year, a 53.15% drop.

Financial highlights

The company’s cash generated from operating activities was $2.2 billion (AED7.9 billion) in 2023, compared to $3.4 billion (AED 12.7 billion) in