Emirates Global Aluminium sees profits climb by 34%
Emirates Global Aluminium, the UAE’s largest industrial company outside the oil and gas sector, reported its 2022 results that showed profits climbed by 34%.
The company reported this week that net profits were up to Dh7.4 billion ($2 billion) last year. Revenue was also up by 36%.
“At EGA, we delivered our best-ever results by focusing throughout the year on what we control — the safety of our people, operational excellence, our costs and our commercial relationships with our long-term global customers,” chief executive Abdulnasser bin Kalban said.
“Our performance demonstrated our resilience and strength at every step of the value chain.”
EGA makes aluminium for a multitude of industries, including the metal packaging sector.
“The more difficult conditions in the second half of 2022 [are set] to continue into 2023, but I am confident that we will continue to deliver sector competitive results,” the CEO continued.
“There are great growth opportunities in our industry, particularly in low-carbon and secondary aluminium [segments].
“I’m pretty sure that we will make the most out of these opportunities.”
EGA achieved record sales of cast metal of 2.72 million tonnes, up from 2.54 million tonnes recorded in 2021.