EGA reports 57% drop in net income amid lower global aluminum prices

Emirates Global Aluminium’s (EGA) net income fell 57% y-o-y to AED 3.3 bn in 2023, due to lower global benchmark prices for aluminum, according to the company’s earnings release. Revenues stood at AED 29.5 bn, down 14.7% y-o-y.

Some 2023 highlights: EGA’s production capacity of CelestiAL solar aluminum was up nearly 16% y-o-y to 66k tonnes, with BMW remaining their biggest client for the low-carbon product. EGA also greenlit the construction of the UAE’s largest aluminum recycling facility in Al Taweelah which will be built and operating within three years to process 170k tonnes of metal annually. The recycled metal will be sold under the product name RevivAL.