EGA’s nine-month profit and revenue fall as Iran war disrupts aluminium sales

Emirates Global Aluminium reported a 9% decrease in its nine-month adjusted profit, impacted by the loss of production following an Iranian attack on its Al Taweelah plant and reduced exports. The adjusted profit for the nine months ended September reached $744 million, a decline from $817 million in the same period last year. Net profit for the period was $547 million, after accounting for a $197 million impact linked to the war-related incident in March.

This resulted in the shutdown of all Al Taweelah plants at Khalifa Industrial Zone Abu Dhabi (Kizad). Revenue for the nine months fell by 16% to $5.28 billion. Chief Executive Abdulnasser bin Kalban described the past nine months as the most challenging in EGA's history, but emphasized the company's commitment to long-term growth.

Despite the setbacks, EGA managed to raise its adjusted earnings before interest, tax, depreciation and amortisation margin to 30% in the January to September period, up from 28% in the previous year, driven by higher aluminium prices and efficient cost management. However, the shutdown at Al Taweelah adversely affected aluminium sales volumes, with total sales falling 36% to 1.33 million tonnes during the period, due to lower metal availability and logistical constraints.

EGA has since established alternative export routes through UAE's eastern coast ports, with a new agreement signed with Gulftainer to ship up to 250,000 tonnes in the first year, and up to 300,000 tonnes in the second year. The company is actively working to restore its Al Taweelah smelter, with 61% of the required reduction cells operational, aiming for a full restart in Q1 2027.

The alumina refinery also faced disruptions, producing 899,000 tonnes in the first nine months of 2026, down from 1.75 million tonnes a year earlier. EGA estimates that fully restoring Al Taweelah production will require a capital expenditure of around $400 million, which will be funded from the company’s balance sheet and operating cash flow.

The company remains financially robust, with $1.93 billion in cash and term deposits and additional $1 billion available through an undrawn revolving credit facility. EGA is also expanding its global presence, recently acquiring an 80% stake in Italian aluminium recycler Eco Green, which brings its global recycling capacity to over 400,000 tonnes annually.