Emirates Global Aluminium has reported its best ever half-year earnings thanks to strong operational performance and favourable market conditions.
EGA’s net profit for the first half of 2022 exceeded net profit for the whole of 2021, itself a record year for the company. Other financial figures such as Ebitda or revenue showed strong performance too.
Operational performance improved
Abdulnasser Bin Kalban, CEO of Emirates Global Aluminium, summarized: “After our record performance in 2021, I noted that EGA could still do better and indeed we improved our operational performance across the value chain from mining to outbound logistics for finished metal. This enabled us to capitalize on strong market conditions.”
He continued: “During the first half we worked to debottleneck our operations, optimize our customer and product mix to maximize our revenue, robustly control our costs, and set the course for future growth. We will continue to focus on delivering competitive returns for our sector, however the global aluminium market develops.”
Favourable aluminium price
The aluminium price reached a decade-high during the first half of 2022. While the benchmark London Metal Exchange price declined later in the period, EGA’s average realized price for the half-year was USD3,063/t.
Start-up of DX+ Ultra technology
EGA achieved a technology milestone in H1 2022, successfully starting up the company’s proprietary DX+ Ultra technology with a modified lining at 500 kA, the first time this amperage has been achieved in the Middle East. In aluminium smelting, increasing amperage offers the potential to increase aluminium production, reducing the cost per tonne of building new reduction cells and improving the productivity of existing ones.