Emirates Global Aluminium, the largest producer of high-quality aluminum in the world, and the largest industrial company in the UAE outside the oil and gas sector, announced the achievement of competitive financial performance in the aluminum sector during the first half of 2023, with the improvement of market conditions.
Adjusted EBITDA amounted to 4.2 billion dirhams in the first half of 2023, compared to 7.6 billion dirhams in the first half of 2022, and 4.8 billion dirhams in the second half of 2022. The net profit of Emirates Global Aluminum amounted to two billion dirhams. , compared to 5.9 billion dirhams in the first half of 2022.
The adjusted EBITDA margin in the company’s aluminum segment was 27%, as the company continued to outpace its global peers. In light of the exceptional market conditions during the first half of 2022, the adjusted EBITDA margin was 41%, while it reached 28% in the second half of 2022.
In turn, revenues amounted to 14.8 billion dirhams, compared to 18.3 billion dirhams in the first half of 2022.
Abdul Nasser bin Kalban, CEO of Emirates Global Aluminium, said: “We aim in the company to achieve competitive performance in the aluminum sector throughout the economic cycle, and we reached this goal in the first half of 2023, as we achieved strong financial results with the improvement of market conditions from large fluctuations.” Over recent years, this reflects the company’s resilience and strategic approach.
For his part, Zuhair Al Rajraji, Chief Financial Officer of Emirates Global Aluminium, said: “We were able to improve our balance sheet for future growth thanks to our continued strong performance, cost savings through the multi-year transformation program (Najah), and the generation of large cash flows. In addition, we see great opportunities to increase our primary production and develop our recycling business in the long term, which we can take advantage of, thanks to our track record of strategic expansion, our operational experience and our financial strength.”
And Emirates Global Aluminum revealed that it had paid some of its debts in advance, at a value of 2.9 billion dirhams, during the first half of 2023.
2023-08-31 22:07:50
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