Font Size

- Aa +

Tue 28 Feb 2017 02:14 PM

Font Size

- Aa +

UAE aluminium giant posts 10% rise in 2016 net profit

Emirates Global Aluminium says it made $572m net profit last year despite a fall in revenue

UAE aluminium giant posts 10% rise in 2016 net profit

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.

For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.