LBCI

Emirates Global Aluminium's 2022 profit surges to a record $2 bln

Middle East

07-03-2023 | 07:10

Share

Share

Emirates Global Aluminium's 2022 profit surges to a record $2 bln

2^min

Emirates Global Aluminum (EGA), one of the world's largest aluminum producers, said on Tuesday its annual net profit for 2022 surged 34 percent to a record 7.4 billion dirhams ($2.01 billion) on higher prices for the metal.

The United Arab Emirates firm said the average realized London Metal Exchange price for its metal was $2,715 per ton.

Benchmark aluminum on the London Metal Exchange (LME) reached a decade-high in March last year to $3,985 per ton, before retreating to a low of $2,080 in September.

"The immediate outlook for aluminum remains under some pressure due to its close correlation to the health of the global economy," Abdulnasser Bin Kalban, EGA's chief executive, was quoted as saying in a statement.

EGA expects global demand for aluminum to grow 1-2 percent in 2023, Chief Financial Officer Zouhir Regragui said in a post-results earnings call.

Factors that will impact prices include overall economic conditions, including the health of the global economy after central banks began raising interest rates last year, demand from China after it ended its strict pandemic-related controls in early December and Russia's conflict with the Ukraine, said Regragui, adding that demand is still healthy.

EGA is owned equally by Abu Dhabi sovereign wealth fund Mubadala and Dubai sovereign wealth fund the Investment Corporation of Dubai.

Bin Kalban in the post-earnings call said an initial public offering of the company was a decision for its shareholders.

Total dividends for 2022 to shareholders was 3.7 billion, the largest in EGA's history, the company said.

The company took an impairment loss of 1.1 billion dirhams for mining assets and related equipment at Guinea Alumina Corporation, to reflect the increased cost of capital and other market conditions in Guinea.

Emirates

Global

Aluminum

Profit

Surges

Record

Business

Metal

Producers

Steel

Subscribe to our VOD

SUBSCRIBE

Our visitors readings

Drone attack in residential Baghdad neighbourhood: AFP

Middle East News

2026-03-21

Drone attack in residential Baghdad neighbourhood: AFP

Fuel prices slightly drop in Lebanon

Lebanon Economy

2026-07-07

Fuel prices slightly drop in Lebanon

Germany to cut tax on fuel for two months amid Iran war energy shock: Merz

2026-04-13

Germany to cut tax on fuel for two months amid Iran war energy shock: Merz

Israel orders troops to 'deepen line of control' along border with Lebanon

2026-03-05

Israel orders troops to 'deepen line of control' along border with Lebanon

Videos

Lebanon-Israel talks: delegations arrive at US Embassy in Rome — Video

2026-08-06

Lebanon-Israel talks: delegations arrive at US Embassy in Rome — Video

Residents begin returning to Zawtar el-Gharbiyeh, southern Lebanon: Video

2026-07-24

Residents begin returning to Zawtar el-Gharbiyeh, southern Lebanon: Video

Slotkin to LBCI: Lebanese army needs resources to confront Hezbollah, $36 million request submitted for special forces

2026-07-20

Slotkin to LBCI: Lebanese army needs resources to confront Hezbollah, $36 million request submitted for special forces

Lebanon’s ambassador to Washington: trilateral framework agreement first step toward restoring sovereignty

2026-06-26

Lebanon’s ambassador to Washington: trilateral framework agreement first step toward restoring sovereignty

Rubio on Lebanon-Israel framework agreement: 'beginning of the beginning,' more work needed

2026-06-26

Rubio on Lebanon-Israel framework agreement: 'beginning of the beginning,' more work needed

Lebanon, Israel sign trilateral framework agreement after Washington talks attended by Rubio: Video

2026-06-26

Lebanon, Israel sign trilateral framework agreement after Washington talks attended by Rubio: Video

Israeli strikes renew on Choukine, Maifadoun, and Nabatieh al-Fawqa in southern Lebanon: Video

2026-06-20

Israeli strikes renew on Choukine, Maifadoun, and Nabatieh al-Fawqa in southern Lebanon: Video

Massive Israeli strikes hit South Lebanon under ceasefire conditions

2026-06-19

Massive Israeli strikes hit South Lebanon under ceasefire conditions

Trump criticizes Israel’s Lebanon campaign, says war has gone on ‘too long’ and floats Syria role in conflict

2026-06-16

Trump criticizes Israel’s Lebanon campaign, says war has gone on ‘too long’ and floats Syria role in conflict

Most read

24 hours

7 days

Month

Ali al-Taher hills: Between military confrontation and surrender scenario

1

Ali al-Taher hills: Between military confrontation and surrender scenario

Lebanon Cabinet approves fees on waste-generating products despite ministerial objections

2

Lebanon Cabinet approves fees on waste-generating products despite ministerial objections

A new force for Lebanon's south? The debate over who will monitor the next phase after UNIFIL

3

A new force for Lebanon's south? The debate over who will monitor the next phase after UNIFIL

Explosion rocks ammunition factory near Rome

4

Explosion rocks ammunition factory near Rome

LBCI sources: Lebanon to hand former Syrian General Adel Issa to Syrian judiciary

5

LBCI sources: Lebanon to hand former Syrian General Adel Issa to Syrian judiciary

Israel sends troops to settler siege as US ambassador slams 'act of terror'

6

Israel sends troops to settler siege as US ambassador slams 'act of terror'

Etna eruption extends closure of Sicily's Catania airport until Saturday

7

Etna eruption extends closure of Sicily's Catania airport until Saturday

Houthis claim drone strike on Saudi refinery: Affiliated media

8

Houthis claim drone strike on Saudi refinery: Affiliated media

Download now the LBCI mobile app

To see the latest news, the latest daily programs in Lebanon and the world

Google Play

App Store

Download now the LBCI mobile app

We use
cookies

We use cookies to make
your experience on this
website better.

Accept

Learn More