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.

The Najah transformation program yielded improvements in both costs and revenues, amounting to AED 2.6 bn in 2023. Since its establishment in 2020, Najah has generated AED 8.8 bn in EBITDA improvements.

Dividends: EGA will pay out dividends of AED 3.7 bn on its 2023 earnings, consistent with the figure for 2022.

Abu Dhabi’s National Corporation for Tourism and Hotels’ net income rose 6%y-o-y to AED 68 mn in 2023, according to an ADX filing (pdf). The company’s revenues were down 8% y-o-y to reach AED 669 mn on the back of decreased revenues from the catering and retail divisions.