Abu Dhabi: Emirates Global Aluminium (EGA), the largest industrial company in the United Arab Emirates outside oil and gas, has surpassed the 30 million tonnes mark in cast metal produced, the company said in a statement.
Last year, EGA produced 2.6 million tonnes of cast metal making it the third largest producer of primary aluminium outside China. The company saw a sustained increase in production from 135,000 tonnes per year when production began.
“EGA is one of the UAE’s most important industrial giants, and a world leader in the global aluminium sector. Reaching this figure confirms that fact and validates our commitment to innovation that has led to a sustained increase in cast metal production,” Abdullah Kalban, Managing Director and Chief Executive Officer at EGA said in a statement.
On average, EGA is spending $9.5 million (Dh34.8 million) on research and development each year and smelting innovations, according to the firm, which is equally by Mubadala Investment Company of Abu Dhabi and Investment Corporation of Dubai.
For the year 2017, EGA reported a net income of Dh3.3 billion, an increase of 59 per cent over 2016. The company’s revenue increased to Dh20.5 billion in 2017 compared to Dh17.1 billion during the previous year.
The company announced plans to go public earlier this year but the listing is likely to be delayed to 2019, according to a report from Reuters.
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