Emirates Global Aluminum (EGA) posted Tuesday a record 34% increase in full-year profit to $2 billion in 2022 (AED 7.4 billion), compared to $1.5 billion (AED 5.5 billion) a year earlier, on higher aluminum prices.
EGA said revenue for 2022 was a record $9.4 billion (AED 34.6 billion), up 36% from $6.9 billion (AED 25.5 billion) in 2021. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 37% to $3.4 billion (AED 12.4 billion).
The Emirati industrial firm said the 36% adjusted EBITDA increase compared to the 35% in 2021 was one of the highest among industry peers. Cash generated from operating activities of $3.4 billion (AED 12.7 billion) was up 70% from $2.0 billion (AED 7.5 billion) in 2021.
A total of $1 billion (AED 3.7 billion) was paid to the company’s shareholders, consisting of an interim dividend of $600 million (AED 2.2 billion) in July, and a further dividend of $400 million (AED 1.5 billion) after the end of 2022. This makes dividends from last year EGA’s the largest in history, the company said.
According to EGA, an impairment loss of $288 million (AED 1.1 billion) was recognized for mining assets and related equipment at Guinea Alumina Corporation, a prudent accounting measure reflecting the increased cost of capital and other market conditions in Guinea.
“Our performance demonstrated our resilience and strength at every step of the value chain. I am confident that EGA will deliver another competitive performance in 2023 compared to peers in the sector,” Abdulnasser Bin Kalban, EGA CEO, said in a statement.
