Emirates Global Aluminium reports 10 pct rise in 2016 profit
February 28, 2017
Emirates Global Aluminium (EGA) on Tuesday reported a 10 percent rise in 2016 net profit to 2.1 billion dirhams ($572 million) despite a fall in revenue.
"This is a result of our focus on cost management, operational efficiencies, continuous improvement of our technology, and responsiveness," CEO Abdulla Kalban said.
Revenue fell nine percent to 17.1 billion dirhams due to lower aluminium prices, said EGA, which is owned equally by Abu Dhabi and Dubai investment funds.
Its aluminium production rose to 2.5 million tonnes (mt) from 2.4 million a year earlier.
In June, EGA's board approved construction of a 12 mt per annum bauxite mine and export facility in Guinea.
EGA supplies aluminium to some 300 customers in more than 60 countries.