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Company News, Business

ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

Etihad Q1 profit $187 million

This is a 30% YoY increase over Q1 2025.

Yalla Group Q1 revenue $83m

Net income rose to $36.4 million, a 17% YoY increase.

Qatar Airways annual profit $2bn

This was a record 28% jump in annual net profit.

Masdar issues $1bn bond

Its green bond program hits $2.75 billion.

EGA posts $2 billion profit

The company said the results were its strongest ever. (WAM)
By Hilal Mir
March 7, 2023 4:47 pm
  • EGA said the adjusted EBITDA for 2022 was up 37 percent to a record $3.4 billion, compared to $2.5 billion in 2021.
  • The company paid shareholders E$1 billion in dividend --,an interim dividend of $600 million in July and further $400 million at the end of 2022.

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.

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