Emirates Global Aluminium (EGA), the world's largest premium aluminium producer and the leading industrial entity in the UAE outside the oil and gas sector, has announced robust financial results for the first half of 2024, driven by consistent global demand for high-quality aluminium. EGA's adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at Dh4.20 billion ($1.14 billion), up from Dh4.15 billion ($1.13 billion) in the same period of 2023. The net profit was Dh1.84 billion ($500 million), slightly lower than Dh1.96 billion ($533 million) in the first half of 2023. EGA's aluminium segment EBITDA margin reached 27.5 percent, leading its global peers, compared to 26.9 percent in the previous year.
Abdulnasser bin Kalban, CEO of Emirates Global Aluminium, emphasized, "EGA consistently achieves strong financial results across various economic cycles, thanks to our commitment to operational excellence, cost management, and enduring commercial ties with our international clients. The first half of 2024 marked significant milestones with the acquisition of Leichtmetall and advancements in our UAE recycling plant, crucial steps towards expanding EGA to cater to the growing global demand for low-carbon primary and recycled aluminium in the coming decades. We anticipate more developments by year-end."
Mohamed Almarzooqi, Acting CFO of Emirates Global Aluminium, noted, "Our robust operational and financial performance has strengthened our financial leverage and enhanced shareholder returns. This positions us well to capitalize on the increasing demand for low-carbon primary and secondary aluminium." EGA sold 1.30 million tonnes of cast metal to 411 customers across 57 countries in the first half of 2024, a slight decrease from 1.32 million tonnes in the same period of 2023. Value-added products or 'premium aluminium' accounted for 82 percent of sales, up from 77 percent in the first half of 2023.
EGA continues to focus on maintaining or increasing its market share in 'premium aluminium' in key markets and segments, while optimizing the EBITDA contribution from these sales. Billet demand increased by 18 percent year-on-year. EGA supplied 149 thousand tonnes of metal to local UAE customers, supporting the growth of downstream industries in the UAE and contributing to the nation's Operation 300bn industrial strategy. During the first half, EGA produced 1.34 million tonnes of hot metal at its Al Taweelah and Jebel Ali smelters, up from 1.32 million tonnes in the first half of 2023. The Al Taweelah alumina refinery produced 1.22 million tonnes of alumina, an increase from 1.15 million tonnes in the same period last year. In May, EGA completed the acquisition of Leichtmetall, marking its first strategic acquisition since the 2014 merger of Dubai Aluminium and Emirates Aluminium.
