Stock Emirates Global Aluminum 2
Emirates Global Aluminum commissioned a new recycling facility in the UAE, which will help with new revenue generation. Image Credit: Supplied

Dubai: Emirates Global Aluminium - the UAE's biggest non-energy manufacturer - record revenue of Dh13.98 billion for H1-2024 in a resilient performance, with net profit at Dh1.84 billion. This compares with Dh14.79 billion in sales and net profit of Dh1.96 billion last year.

“EGA continues to deliver competitive financial performance throughout the economic cycle," said Abdulnasser Bin Kalban, CEO.

The company has carved out a significant share of the global demand for 'premium aluminium', which has uses across industries, including in automotive manufacturing. Plus, EGA is opening up new revenue streams too. 

“The first-half of 2024 saw our acquisition of Leichtmetall and progress in the development of our recycling plant in the UAE, important first steps in our strategy to grow EGA to meet expanding global demand for low carbon primary and recycled aluminium over the decades ahead," said Bin Kalban. "I look forward to further steps before the end of the year.”

In May, EGA completed the acquisition of Leichtmetall, a German specialty foundry. This is 'EGA’s first strategic acquisition since the formation of the company through the merger of Dubai Aluminium and Emirates Aluminium in 2014'.

During first-half 2024, EGA’s average realised London Metal Exchange aluminium price was $2,303 per tonne, against $2,359 a year ago. The benchmark LME aluminium price had risen in Q2-2024, in part from 'further restrictions on international trade in Russian metal and geopolitical tensions. Alumina prices increased towards the end of May, mainly driven by 'supply disruptions in Australia and India'.

“Our competitive operational and financial performance has enabled us to further improve our leverage position while delivering great returns for our shareholders," said Mohamed Almarzooqi, acting Chief Financial Officer. "This means we are in a strong position to capitalise on the opportunities from the long-term growth of demand for low carbon primary and secondary aluminium.”

Loss of life
There was a fatality at Emirates Global Aluminium's Jebel Ali facility during the period. "Safety is our first priority at EGA, and our achievements mean little in the context of a colleague losing his life on our Jebel Ali site," said Abdulnasser Bin Kalban. "We investigated this incident thoroughly with an independent third-party expert and shared the findings with our industry. On behalf of everyone at EGA, I again express my deep condolences to our colleague’s family."

More to follow...