EGA 2016 full year net income increases 10% to AED 2.1bn
2017-03-01 10:13:14 【Print】
BEIJING (Asian Metal) 1 Mar 17 - On February 28, Emirates Global Aluminium (EGA) reported net income for 2016 of AED 2
EGA’s aluminium production during 2016 was a record 2 . 5 million tonnes of hot metal, an increase from 2015’s 2 . 4 million tonnes.
In 2016, 82% of EGA’s production was value-added products that commanded higher premia than standard aluminium products, an increase from 77% in 2015.
Revenue for 2016 was AED 17 . 1 billion, a decrease of 9% from AED 18 . 7 billion in 2015 due to lower global aluminium prices.
EGA’s continuing focus on cost management and operational efficiencies contributed to the strong financial results.
EGA owns and operates aluminium smelters in Jebel Ali in Dubai and Al Taweelah in Abu Dhabi . EGA’s production makes the UAE the fourth largest aluminium producing nation in the world.
During 2016, EGA made substantial progress in its strategic objective of expanding upstream in the aluminium value chain and internationally to create new revenue streams and secure strategic supplies for the UAE’s aluminium industry.
In June, EGA’s Board approved construction of a 12 million ton per annum bauxite mine (with future expansion potential) and associated export facilities in Kamsar in the Republic of Guinea in EGA’s first expansion into mining, managed through its subsidiary company Guinea Alumina Corporation (GAC).
There was significant construction progress on EGA’s first phase of its Al Taweelah alumina refinery during 2016, targeting a capacity of 2 million tonnes per annum of smelter grade alumina, with further expansion potential on its site adjacent to the Al Taweelah smelter.
Domestically EGA sold 262 thousand tonnes of aluminium to customers in the UAE in 2016, over 16% more than the 225 thousand tonnes sold in 2015 and over 10% of total production, contributing to the growth of the broader aluminium sector and serving as an engine for the continued economic diversification of the country.
In 2016 EGA earned licence fees for its technology for the first time following a successful bid to supply technology to Aluminium Bahrain . The agreement was the first time a UAE company has licensed its industrial technology internationally.
. 1 billion, an increase of 10% compared to 2015 . Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) stood at AED 5 . 0 billion, in line with 2015.
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