Sign inSubscribe

Search Site

VideosInforgraphics
Sign inSubscribe
Trends banner

Business

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

EGA of UAE posts record net profit of $1.5bn for 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.
By TRENDS Desk
February 28, 2022 6:58 pm
  • 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
  • “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

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.

[adinserter block="5"]

Most Read

Getting vaccinated is ‘the most patriotic thing’ to do

The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…

UAE’s working mothers get extended maternity leave

The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.

Saudi Arabia to generate $150 billion in investments from its new transport policy

The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…

GCC healthcare: Transforming the region and impacting the world

PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size

New-Age Growth Comes Home to the GCC

The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.

[adinserter block="4"]