UAE’s EGA turns losses into profits in H1 2021 due to rising aluminum prices
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Update time : 2021-09-01 20:25:48
In the six months ended June 30, EGA’s operating income reached AED 10.8 billion, compared to AED 9 billion in the same period last year.
Emirates Global Aluminium PJSC (EGA), the largest premium aluminum producer based in the UAE, reported that its profit hit a record AED 1.74 billion in the first half of this year, compared to a loss of AED 208 million in the same period a year ago, turning losses into profits during the period due to rising aluminum prices.
Zouhir Regragui, EGA’s Chief Financial Officer, said that the recovery after the COVID-19 epidemic is supporting aluminum demand in the short term, and the decarbonization will be a stronger push for aluminum that can make economies more sustainable for a long-run outlook.
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