Emirates Global Aluminium 2016 profit increases 10% Y-o-Y
Emirates Global Aluminium (EGA) reported a 10% increase in profit for last year on record production. Net income climbed to AED2.1bn (USD572mn) from AED1.9bn in 2015. The company’s revenue however dropped 9% Y-o-Y to AED17.1bn due to lower global aluminum prices. EGA is building a bauxite mine in Guinea and an alumina smelter in Abu Dhabi to secure raw materials needed to produce aluminum. It is equally owned by Abu Dhabi’s sovereign fund Mubadala Investment Co. and Dubai government’s Investment Corp. of Dubai. Output jumped 4.2% Y-o-Y to a record 2.5mn metric tons, making the United Arab Emirates the fourth- biggest aluminum producer. EGA is the largest industrial company in the United Arab Emirates outside of the oil and gas business.
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