Adv
LANGUAGES
English
Hindi
Spanish
French
German
Chinese_Simplified
Chinese_Traditional
Japanese
Russian
Arabic
Portuguese
Bengali
Italian
Dutch
Greek
Korean
Turkish
Vietnamese
Hebrew
Polish
Ukrainian
Indonesian
Thai
Swedish
Romanian
Hungarian
Czech
Finnish
Danish
Filipino
Malay
Swahili
Tamil
Telugu
Gujarati
Marathi
Kannada
Malayalam
Punjabi
Urdu
AL CIRCLE

GCC’s largest aluminium producer ‘Emirates Global Aluminium’ books record profit of $1.5 billion for 2021

EDITED BY : 3MINS READ

The largest primary aluminium in the GCC region and the biggest non-oil industrial entity of UAE, Emirates Global Aluminium (EGA) booked a record whopping 1,140% rise in net profits for 2021 to $1.5 billion. The company earning depicts a bulls-eye of sharp turn following the disruptions rooted in the COVID-19 pandemic in 2020.

Emirates Global Aluminium books record profit of $1.5 billion for 2021

{alcircleadd}

The adjusted EBITDA more than doubled to AED 9.0 billion ($2.5 billion) for 2021, from AED 4.1 billion ($1.1 billion) for 2020. However, net profit was AED 5.5 billion ($1.5 billion), an increase of 1,140% compared to AED 445 million ($121 million) in 2020.

EGA’s delivered the strongest-ever results and accredits it to the strong global market for aluminium as economies recovered from COVID-19, solid operational performance throughout the value chain, and a focus on efficiency improvements throughout the company. Production and sales of every commodity in the value chain increased in 2021 compared to 2020.

Emirates Global Aluminium books record profit of $1.5 billion for 2021

Abdulnasser Bin Kalban, the Chief Executive Officer of EGA, said, “These record results show that our preparations for the next stage of our corporate journey are nearing completion. EGA today has strength from mine to metal, an optimised capital structure to continue delivering significant dividends to shareholders in future and grow our business, and a path to greatly reducing our carbon footprint.”

“In the shorter term, strong demand has continued in the first quarter of 2022. While like others we are still facing challenges with global logistics, we have adopted new approaches such as breakbulk shipping to overcome them”, the CEO added.

“EGA can still do better. We will focus on maximising the value of our existing assets by debottlenecking and through Industry 4.0. We will drive further efficiency, and we will focus on unlocking further growth for our business.”

Zouhir Regragui, the Chief Financial Officer of EGA said, “Higher prices for aluminium have prevailed since the world started rebounding from COVID-19, and this demonstrates the strong long-term outlook for our metal as a key material for the development of a more sustainable future. We will take more bold steps to strengthen our own sustainability.

“Our deleveraging trajectory remains very strong, driven by both market conditions and our own efforts to improve EBITDA. As a result, EGA is increasingly well-set for the next phase of our growth journey.”

Global aluminium industry outlook 2022

The proportion of sales accounted for by value-added products or ‘premium aluminium’ by EGA grew to 84% of total sales, which is close to a record, compared to 72% in 2020. Value-added products attract higher premiums over benchmark prices than those achieved by standard aluminium and enable EGA to maximise the value of its primary aluminium production. In 2021 EGA pursued to be the largest producer by volume.

The aluminium manufacturer narrowed its senior corporate debt facility by AED 2.7 billion ($730 million) to AED 20.3 billion ($5.5 billion), made scheduled and then full early repayment of the outstanding AED 1.6 billion ($446 million) project financing for the construction of Al Taweelah smelter, and made scheduled repayments on Guinea Alumina Corporation debt. Collectively, EGA repaid AED 4.4 billion ($1.2 billion) of debt in 2021 and its net debt to adjusted EBITDA ratio stood at 2.4x at the end of the year.

Adv
Adv
Adv
Adv
Adv
Adv
Adv
EDITED BY : 3MINS READ
Adv
Adv
Adv

Responses

Adv
Adv
Adv
Want to get your company featured by us?
Adv
Adv
Business Leads VIEW ON AL BIZ

AL Circle News App
AL Biz App

A proud
ASI member
© 2025 AL Circle. All rights reserved.
AL Circle is not responsible for content from external sources.