Emirates Global Aluminum Company achieved record results in its adjusted and net profits in 2021, as it recorded a profit jump of 1140% year on year.
The net profit of the largest industrial company in the UAE outside the oil and gas sector amounted to about 5.5 billion dirhams last year, compared to 445 million dirhams in 2020, according to Al Bayan newspaper.
The increase in adjusted EBITDA more than doubled to AED 9.0 billion for 2021, compared to AED 4.1 billion in the previous year.
These historical results for the company came as a result of the strong global demand for aluminum in light of the global economies' recovery from the repercussions of the Corona pandemic (Covid-19), in addition to the strong operational performance in All aspects of its operations, and focus on improving efficiency in all departments, in addition to increasing the production and sales of all commodities, within the value chain in 2021 compared to what the company achieved in 2020.
The average realized price of LME aluminum produced by the company amounted to $2,382 per ton, while revenues in 2021 amounted to 25.5 billion dirhams, compared to 18.7 billion dirhams in 2020.
The company was able to significantly reduce its debt and improve the capital structure to allow dividend distribution to shareholders and create financial flexibility for future business growth.
The company succeeded in reducing the size of the main institutional loan by 2.7 billion dirhams, bringing the total remaining amount to 20.3 billion dirhams, and implementing early and full repayment of the debt of the smelter construction project long.
The total profits distributed to the company's shareholders last year amounted to about 735 million dirhams.
