Abu Dhabi, UAE — Emirates Global Aluminium (EGA) on Tuesday reported a net profit of AED7.4 billion ($2 billion) in 2022, up 34 percent from AED5.5 billion ($1.5 billion) in 2020.
Claiming the 2022 results to be its strongest ever, EGA said the adjusted EBITDA for 2022 was up 37 percent to a record AED12.4 billion ($3.4 billion), compared to AED9.0 billion ($2.5 billion) in 2021.
EGA paid shareholders a total of AED3.7 billion ($1 billion), consisting of an interim dividend of AED2.2 billion ($600 million) in July, and a further dividend of AED1.5 billion ($400 million) after the end of 2022. This makes dividends related to 2022 the largest in EGA’s history.
EGA’s revenue increased 36 percent to AED34.6 billion ($9.4 billion). Cash generated from operating activities was up 70 percent to AED12.7 billion ($3.4 billion).
EGA’s adjusted EBITDA margin was 36 percent, one of the best amongst global industry peers, it added.