EGA’S net profit increases by 10 percent in 2016

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.

CEO Abdulla Kalban commented: "This is a result of our focus on cost management, operational efficiencies, continuous improvement of our technology, and responsiveness."

EGA’S aluminium production increased by 2.5 million tonnes in 2016 compared to 2.4 million tonnes in 2015, as per company reports.

The company’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.

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He explained, “The hard work of EGA’s employees delivered strong financial performance in 2016 despite challenging conditions in the global aluminium market.”

EGA provides aluminium to more than sixty countries all across the world. The UAE is now becomes the world’s fourth-biggest aluminium producer.

In June 2016, EGA’s board approved construction of a 12 million tonne per annum bauxite mine and export facility in Guinea.