Dubai-based premium aluminium producer Emirates Global Aluminium (EGA) announced robust financial results for the first half of 2024, fueled by consistent global demand for premium aluminium. EGA reported an adjusted Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) of AED4.20 billion ($1.14 billion), a slight increase from AED4.15 billion ($1.13 billion) in the same period of 2023. The company’s net profit stood at AED1.84 billion ($500 million), down from AED1.96 billion ($533 million) year-over-year. EGA’s aluminium segment achieved an adjusted EBITDA margin of 27.5 percent, compared to 26.9 percent in the first half of 2023, positioning it as a leader among global competitors.
EGA sold 1.3 million tonnes of cast metal in the first half of 2024 to 411 customers in 57 countries. Some 82 per cent of metal sales were value-added products or ‘premium aluminium’, compared to 77 per cent in the first half of 2023. pic.twitter.com/1r85iEYSLM
— Emirates Global Aluminium (@egaofficial) August 29, 2024
Sales performance and market share
In the first half of 2024, EGA sold 1.30 million tons of cast metal to 411 customers across 57 countries, slightly lower than the 1.32 million tons sold in the same period last year. Notably, 82 percent of these sales were value-added products or ‘premium aluminium,’ up from 77 percent in the first half of 2023. EGA continues to prioritize maintaining or expanding its market share in premium aluminium while optimizing EBITDA from value-added product sales. Demand for billets increased by 18 percent year-on-year during this period.
Support for local industries
EGA provided 149 thousand tons of metal to local customers in the UAE, a marginal rise from 148 thousand tons in the first half of 2023. This metal supply plays a crucial role in supporting the growth of downstream industries in the UAE, furthering EGA’s contribution to the UAE’s Operation 300bn industrial growth strategy.
During the first half, EGA produced 1.34 million tons of hot metal at its smelters in Al Taweelah and Jebel Ali, up from 1.32 million tons in the same period last year. The Al Taweelah alumina refinery produced 1.22 million tons of alumina, compared to 1.15 million tons in the first half of 2023.
In May 2024, EGA finalized the acquisition of Leichtmetall, a specialty foundry in Europe, WAM reported. This marks EGA’s first significant acquisition since the company was formed through the merger of Dubai Aluminium and Emirates Aluminium in 2014.
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