EGA delivers record $1.5 billion net profit for 2021

EGA delivers record $1.5 billion net profit for 2021

WAM: Emirates Global Aluminium (EGA) reported a net profit of AED5.5 billion ($1.5 billion), an increase of 1,140 percent compared to AED445 million ($121 million) in 2020.

EGA reported record adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (adjusted EBITDA) more than doubled to AED9.0 billion ($2.5 billion) for 2021, from AED4.1 billion ($1.1 billion) for 2020, according to a company press release on Monday.

EGA’s strongest-ever results were due to a strong global market for aluminium as economies recovered from Covid-19, solid operational performance throughout the value chain, and a focus on efficiency improvements throughout the company. Production and sales of every commodity in the value chain increased in 2021 compared to 2020.

EGA’s average realised London Metal Exchange aluminium price for 2021 was $2,382 per tonne.

Revenue in 2021 was AED25.5 billion ($6.9 billion), compared to AED18.7 billion ($5.1 billion) in 2020.