EGA reports strong H1 2024 financial performance, driven by high demand for premium aluminium

EGA's adjusted Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) reached AED 4.20 billion ($1.14 billion) for H1 2024, marking a slight increase from AED 4.15 billion ($1.13 billion) in the same period last year. The company's net profit stood at AED 1.84 billion ($500 million), down from AED 1.96 billion ($533 million) in H1 2023, reflecting the impact of the UAE's newly introduced corporate tax, which came into effect on January 1, 2024, at a rate of nine per cent.

EGA's aluminium segment adjusted EBITDA margin improved to 27.5 per cent, compared to 26.9 per cent in the first half of 2023, maintaining its leadership among global industry peers. The company's average realised London Metal Exchange (LME) aluminium price was $2,303 per tonne, slightly decreasing from $2,359 per tonne in H1 2023. The LME aluminium price rose in the second quarter, influenced by increased geopolitical tensions and restrictions on international trade in Russian metal. Additionally, alumina prices surged towards the end of May due to supply disruptions in Australia and India.

In May 2024, EGA completed its first strategic acquisition since its formation in 2014, purchasing European speciality foundry Leichtmetall, expanding its global footprint.

EGA's strong performance in the first half of the year underscores its resilience and strategic focus on premium aluminium production as it continues to navigate the complexities of the global market.

Abdulnasser Bin Kalban, CEO of Emirates Global Aluminium, said, “EGA continues to deliver competitive financial performance throughout the economic cycle through our focus on operational excellence, control of our costs, and long-term commercial relationships with our global customers.