EGA’s net income surges 59% in 2017; achieves record aluminium production

Emirates Global Aluminium reported net income of AED 3.3 billion in 2017 on stronger aluminium prices and record production levels. The company’s revenue increased to AED 20.5 billion in 2017 compared to AED 17.1 billion in 2016. Adjusted EBITDA stood at AED 6.7 billion, up 31% from AED 5.1 billion in 2016.

The company produced record 2.6 million tonnes of cast metal, exceeding 2016’s 2.5 million tonnes and making EGA the third largest producer of primary aluminium outside China.

The company said it sold 268 thousand tonnes of metal to customers in the UAE in 2017. This included sales of hot liquid metal to customers located near EGA’s Al Taweelah smelter in Abu Dhabi.

EGA’s sales of value-added products increased by 87 thousand tonnes in 2017 to 2.1 million tonnes, representing 82% of total sales. EGA is the world’s biggest ‘premium aluminium’ producer.

Abdulla Kalban, EGA’s Managing Director and Chief Executive Officer, said: “One area of particular success in 2017 stems from our development over more than 25 years of our own energy efficient smelting technology. All our reduction cells run on EGA technology, reducing costs and environmental emissions.”

“We also continued to progress well in 2017 on our strategic growth projects that are expanding our business upstream to secure the natural resources we need. Once complete, Al Taweelah alumina refinery in Abu Dhabi and GAC, our bauxite mining project in the Republic of Guinea, will deliver value for decades to come as well as create further long-term growth opportunities for EGA.”