Arab News, Wednesday, Mar 08, 2023 | Sha'ban 16, 1444
UAE’s Emirates Global Aluminium reports a 34% rise in 2022 net profit
Emirates:
The Emirates Global Aluminium reported 7.4 billion
dirhams ($2 billion) in 2022 net profit, a 34 percent rise from a year earlier.
A rise in production and sales drove the revenues
up, the company said on Tuesday.
Adjusted profits before interest, taxes,
depreciation, and amortization — also known as EBITDA — increased 37 percent to
12.4 billion dirhams.
The aluminum firm also said the 36 percent
adjusted EBITDA compared to 35 percent in 2021, is one of the highest among
industry peers. Cash generated from operating activities of $3.4 billion
increased 70 percent from $2 billion in 2021, it added.
The company paid shareholders dividends of 3.7
billion dirhams, consisting of an interim dividend of 2.2 billion dirhams in
July and a further 1.5 billion dirhams, making it the largest payout for
shareholders in the company’s history.
“Our performance demonstrated our resilience and
strength at every step of the value chain,” said EGA CEO Abdulnasser bin Kalban
said.
“I am confident that EGA will deliver another
competitive performance in 2023 compared to peers in the sector,” he added.
However, EGA reported an impairment loss of $288
million for mining assets and related equipment at Guinea Alumina Corp., a
prudent accounting measure representing higher capital costs and other market
conditions in Guinea.