Revenues for metals conglomerate Emirates Global Aluminium (EGA) were down 900m United Arab Emirates dirham (AED) last year because of falling aluminium prices.
The two-year-old company, among the top five aluminium producers in the world, posted total sales revenues of AED18.7bn in 2015, down from AED19.8bn in its first year of operation. Last year the company earned profits of AED1.9bn, compared with AED3.7bn in 2014.
Abdulla Kalban, managing director and CEO of the company, which is jointly owned by Mubadala Development Company and the Investment Corporation of Dubai, said he was proud of the company’s results, despite the difficult operating environment.
“Last year was challenging for the aluminium industry, largely due to global macro economic uncertainty, growth slowdown in China, a stronger US dollar and falling oil prices,” he said.
“In this climate, EGA’s strong results reflect the high quality of our planning, a focus on our customers and strength in operations.”
Despite lower sales revenues and income in 2015, EGA sold 4% more aluminium to more than 250 customers globally compared to 2014, equating to 2.4m tons. In the UAE alone it sold more than 225,000 tons of aluminium.
Two new aluminium plants are expected to begin production in UAE this year. Cable manufacturer DUCAB and manufacturer TALEX have constructed the plants in the Khalifa Industrial Zone, Abu Dhabi. Both are customers of EGA.