Emirates Global Aluminium, or EGA, has posted a 1,140 percent jump in net profit to $1.5 billion for 2021.
The company’s record earnings were attributed to a strong global aluminum market after economies recovered from COVID-19, as well as higher production, sales, and prices across the entire value chain of EGA in 2021.
The company’s revenue stood at 25.5 billion dirhams, compared to 18.7 billion dirhams in 2020.
“These record results show that our preparations for the next stage of our corporate journey are nearing completion,” Abdulnasser bin Kalban, CEO of EGA said.
As a result of its high performance, shareholders of EGA received dividend payments of 735 million dirhams in 2021.
The company was founded in 2013, and it continues to be one of the world’s largest producers of private label products by volume.