EGA delivers adjusted EBITDA of $2.1bln in record first half

EGA delivers adjusted EBITDA of $2.1bln in record first half

Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium: “After our record performance in 2021, I noted that EGA could still do better and indeed we improved our operational performance across the value chain from mining to outbound logistics for finished metal. This enabled us to capitalise on strong market conditions. Our net profit for the first half exceeded net profit for the entirety of last year.

“During the first half we worked to debottleneck our operations, optimise our customer and product mix to maximise our revenue, robustly control our costs, and set the course for future growth. We will continue to focus on delivering competitive returns for our sector, however the global aluminium market develops.”

Financial highlights of H1 2022

- Adjusted EBITDA of AED 7.6 billion ($2.1 billion), compared to AED 3.5 billion ($950 million) in H1 2021.

- Net profit of AED 5.9 billion ($1.6 billion), compared to AED 1.7 billion ($473 million) in H1 2021. EGA’s first half 2022 net profit exceeded net profit for the entirety of 2021 (AED 5.5 billion, $1.5 billion) itself a record year for the company.

- Aluminium segment EBITDA margin of 41 per cent, compared to 32 per cent in H1 2021, leading major