EGA posts net income of $325 million with strong operational performance amid challenging market conditions

2019-03-11

Mar. 11, 2019 - Emirates Global Aluminium, the largest industrial company in the United Arab Emirates outside oil and gas and the world’s largest ‘premium aluminium’ producer, today reported net income of AED 1.2 billion ($325 million) for 2018, a decrease of 64 per cent compared to 2017 mainly due to higher raw material prices and despite strong operational performance including record production amid challenging market conditions.

Financial highlights of 2018

Net income of AED 1.2 billion ($325 million), a decrease of 64 per cent from AED 3.3 billion ($900 million) in 2017, driven by higher raw material prices

Adjusted EBITDA of AED 4.4 billion ($1.2 billion), a decrease of 35 per cent from AED 6.6 billion ($1.8 billion) in 2017

Adjusted EBITDA margin of 18 per cent compared to 32 per cent in 2017

Revenue of AED 23.5 billion ($6.4 billion), an increase of 14 per cent from AED 20.5 billion ($5.6 billion) in 2017 driven by higher sales volume, higher benchmark price and product premiums and higher volume of value-added products