Abu Dhabi: EGA Announces FY2017 ResultsuSource: www.export-egypt.com 2/27/2018, Location: Middle East |
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Emirates Global Aluminium reported net income for 2017 of AED3.3 billion, or US$900 million, a 59 percent increase on 2016.
EGA’s revenue increased to AED20.5 billion in 2017 compared to AED17.1 billion in 2016. Adjusted EBITDA stood at AED6.7 billion, an increase of 31 percent from AED5.1 billion in 2016. EGA’s adjusted EBITDA margin for 2017 was 32 percent. Record cast metal production of 2.6 million tonnes and a continuing focus on cost control and operational efficiency contributed to EGA’s strong performance, amid favourable conditions in the global aluminium market. EGA’s sales of value-added products, which attract considerably higher premiums over LME prices than those achieved by standard aluminium and enable EGA to maximise the value of its production, increased by 87,000 tonnes in 2017 to 2.1 million tonnes, representing 82 percent of total sales. The organisation sold value-added products to 336 customers in 54 countries in 2017 and is the world’s biggest ‘premium aluminium’ producer. EGA distributed AED2 billion to its shareholders in 2017 compared to AED1.2 billion in 2016. Commenting on the results, Khaldoon Khalifa Al Mubarak, Chairman of EGA, said, "Emirates Global Aluminium is one of the UAE’s most important industrial giants, and a world leader in the global aluminium sector. With a strong customer base worldwide, a seasoned management team and a solid financial foundation, EGA is well-positioned to benefit from the increasing demand for aluminium in this era of growth and innovation." Abdulla Kalban, EGA’s Managing Director and Chief Executive Officer, said, "Our industry-leading operating margins strengthened further in 2017, demonstrating the success of our business model, our technological and structural cost advantages, and our superior product mix as the world’s largest producer of value-added products. One area of particular success in 2017 stems from our development over more than 25 years of our own energy efficient smelting technology. All our reduction cells run on EGA technology, reducing costs and environmental emissions. "We also continued to progress well in 2017 on our strategic growth projects that are expanding our business upstream to secure the natural resources we need. Once complete, Al Taweelah alumina refinery in Abu Dhabi and GAC, our bauxite mining project in the Republic of Guinea, will deliver value for decades to come as well as create further long-term growth opportunities for EGA." |
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