EGA records 34% increase in its first-half adjusted net profit despite Iran war fallout
Emirates Global Aluminium , the UAE’s largest industrial company outside the oil and gas sector, reported a 34 per cent annual increase in its first-half adjusted net profit despite regional fallout from the Iran war. The company’s six-month adjusted net profit, which excludes the impact related to the Iranian attack on Al TaWeelah plant in March, rose to Dh2.46 billion ($670 million), the…
Emirates Global Aluminium, the UAE's leading industrial company outside the oil and gas sector, announced a 34% year-over-year surge in its first-half adjusted net profit, despite the economic fallout caused by the Iran conflict. The company disclosed a six-month adjusted net profit of Dh2.46 billion ($670 million) for the period ending June 30, 2023, excluding the impact of the Iranian attack on its Al TaWeelah plant in March.
Revenue for the same period fell by 10% to Dh13.5 billion, primarily due to reduced sales volumes following the Al Taweelah incident. However, the higher aluminium prices partially offset the decline. Net income for the January-June period reached $473 million, after accounting for a net impact of $197 million linked to the incident.
Total aluminium sales declined by 32% to 939,000 tonnes, as logistical issues stemming from the regional conflict and the closure of the Strait of Hormuz hindered shipping. Despite these challenges, EGA's CEO, Abdulnasser bin Kalban, affirmed the company's robust supply chain and its ongoing efforts to restore production at Al Taweelah.
The company is also advancing its global growth strategy, with the restoration of production at Al Taweelah projected to cost approximately $400 million, with the majority of the expenditure anticipated in 2026 and some in 2027.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
