Emirates Global Aluminium (EGA), the world’s largest premium aluminium producer, reported solid financial performance for the first half of 2024. EGA’s adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) was Dh4.20 billion, compared to Dh4.15 billion in the first half of 2023. Net profit was Dh1.84 billion, and the aluminium segment’s adjusted EBITDA margin was 27.5 percent, leading among global industry peers. This positive performance was driven by sustained global demand for premium aluminium products.
Abdulnasser bin Kalban, CEO of EGA, emphasized the company’s commitment to delivering competitive financial performance through operational excellence and strategic partnerships with global customers. The acquisition of Leichtmetall and progress in developing a recycling plant in the UAE are key steps in EGA’s growth strategy to meet the increasing demand for low carbon primary and recycled aluminium. Mohamed Almarzooqi, Acting CFO, highlighted EGA’s strong leverage position and shareholder returns, positioning the company to capitalize on opportunities from the long-term growth in aluminium demand.
EGA sold 1.30 million tonnes of cast metal in the first half of 2024 to 411 customers in 57 countries, with 82 percent of sales being value-added products or ‘premium aluminium’. Focus on maintaining or growing market share in key segments, such as billets, resulted in an 18 percent year-on-year demand increase. The supply of metal to local UAE customers supports downstream industries, aligning with the UAE’s Operation 300bn industrial growth strategy. EGA produced 1.34 million tonnes of hot metal and 1.22 million tonnes of alumina during the first half of 2024.
The completion of the Leichtmetall acquisition marked a significant milestone for EGA as its first strategic acquisition since the merger in 2014. This acquisition enhances EGA’s capabilities in the European specialty foundry market and demonstrates the company’s commitment to expanding its global footprint. With a strong focus on operational efficiency, cost control, and customer relationships, EGA is well-positioned to capitalize on the sustained global demand for premium aluminium products and continue its growth trajectory in the industry.
In conclusion, EGA’s financial performance in the first half of 2024 reflects its resilience and strength in navigating the global market dynamics. The company’s strategic initiatives, including the acquisition of Leichtmetall and development of recycling facilities, underscore its commitment to sustainable growth and meeting evolving customer demands. With a focus on innovation, operational excellence, and enhancing shareholder value, EGA is poised to capitalize on the opportunities presented by the increasing demand for low carbon primary and recycled aluminium products globally.
