UAE Business: EGA posts adjusted EBITDA of $2.1bn in record H1 – Gulf Digital News

UAE Business: EGA posts adjusted EBITDA of $2.1bn in record H1 – Gulf Digital News

Emirates Global Aluminium (EGA) has posted adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (adjusted EBITDA) of record AED7.6 billion ($2.1 billion) in the first half (H1) of 2022, compared to AED3.5 billion in H1 2021.

The company reported a net profit of AED5.9 billion ($1.6 billion), compared to AED1.7 billion ($473 million) in H1 2021. EGA’s first half 2022 net profit exceeded net profit for the entirety of 2021 (AED5.5 billion, $1.5 billion) itself a record year for the company.

Revenue during the first-half was AED18.3 billion ($5 billion) compared to AED10.8 billion ($2.9 billion) in H1 2021.

Aluminium segment EBITDA margin reached 41 per cent, compared to 32 per cent in H1 2021, leading major global peers.

After the end of the first half of 2022, EGA made an AED2.9 billion ($800 million) corporate debt pre-payment, continuing deleveraging to strengthen the company’s balance sheet for EGA’s future corporate journey.

After the end of the half, EGA paid an interim dividend of AED2.2 billion ($600 million) to shareholders.

Sales of cast metal increased by 11 per cent to 1.31 million tonnes, compared 1.18 million tonnes in the first half of 2021, as EGA implemented production creep plans and mitigation measures for global logistics challenges. EGA