Emirates Global Aluminium posts AED 2.1 billion net income for 2016, a 10 per cent increase from 2015.
Emirates Global Aluminium (profile), the largest industrial company in the United Arab Emirates outside the oil and gas industry, has announced its financial results for 2016 showing net income of AED 2.1 billion, an increase of 10 per cent over 2015.
Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at AED 5.0 billion, in line with 2015. The company’s aluminium production during 2016 was a record 2.5 million tonnes of hot metal, an increase from 2015’s 2.4 million tonnes.
Abdulla Kalban, Managing Director and CEO of Emirates Global Aluminium (EGA), said: “The hard work of EGA’s employees delivered strong financial performance in 2016 despite challenging conditions in the global aluminium market. This is a result of our focus on cost management, operational efficiencies, continuous improvement of our technology, and responsiveness to the needs of our customers around the world. I am pleased with the progress we have made in 2016 in strengthening EGA’s position in the industry and contributing further to the industrial diversification of the UAE.”
In 2016, 82 per cent of EGA’s production was made up of value-added products that commanded higher premiums than standard aluminium products, an increase from 77 per cent in 2015.
Revenue for 2016 was AED 17.1 billion, a decrease of nine per cent from AED 18.7 billion in 2015 as a result of lower global aluminium prices.
Emirates Global Aluminium was formed from the merger of Dubai Aluminium (DUBAL) and Emirates Aluminium (EMAL), and is equally owned by Mubadala Development Company and Investment Corporation of Dubai.