EGA’S net profit increases by 10 percent in 2016

<p>Emirates Global Aluminium (EGA), one of the largest aluminium producers in the world, announced on Tuesday 28 February, its 2016 net profit reports indicating a hike of 10 per cent with 2.1 billion dirhams ($572 million) profit despite of low in the revenue.</p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/Emirates-Global-Aluminium.jpg" alt="news" width="517" height="226" /></p> <p>CEO Abdulla Kalban commented: "This is a result of our focus on cost management, operational efficiencies, continuous improvement of our technology, and responsiveness."</p> <p>EGA&rsquo;S aluminium production increased by 2.5 million tonnes in 2016 compared to 2.4 million tonnes in 2015, as per company reports.</p> <p>The company&rsquo;s revenue declined by 9 per cent to 17.1 billion dirhams compared to 18.7 billion dirhams in 2015 which is owned equally by Abu Dhabi and Dubai investment funds.</p> <p>{googleAdsense}</p> <p>He explained, &ldquo;The hard work of EGA&rsquo;s employees delivered strong financial performance in 2016 despite challenging conditions in the global aluminium market.&rdquo;</p> <p>EGA provides aluminium to more than sixty countries all across the world. The UAE is now becomes the world&rsquo;s fourth-biggest aluminium producer.</p> <p>In June 2016, EGA&rsquo;s board approved construction of a 12 million tonne per annum bauxite mine and export facility in Guinea.</p>