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FinancialNews
08-03-23
UAE’s Emirates Global Aluminium records 34 percent surge last year in net income
(MENAFN) The Emirates Global Aluminium recorded 7.4 billion dirhams (USD 2 billion) as of last year net profit, seeing a surge of 34 percent from on year on year basis.
An increase in output as well as sales triggered the incomes higher, as mentioned by the firm on Tuesday.
Attuned profits before interest, taxes, depreciation, as well as amortization — also recognized as EBITDA — rose 37 percent to stand at 12.4 billion dirhams.
The aluminum company also stated the 36 percent adjusted EBITDA as compared to 35 percent two years ago, is one of the peakiest between industry peers. Cash generated from operating actions of USD3.4 billion rose by 70 percent from USD2 billion last year, it also noted.
“Our performance demonstrated our resilience and strength at every step of the value chain,” as stated by EGA chief executive Abdulnasser bin Kalban.
“I am confident that EGA will deliver another competitive performance in 2023 compared to peers in the sector,” he also said.
MENAFN08032023000045014228ID1105728946
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