RIYADH: The Emirates Global Aluminium reported 7.4 billion dirhams ($2 billion) in 2022 net profit, a 34 percent rise from a year earlier.
A rise in production and sales drove the revenues up, the company said on Tuesday.
Adjusted profits before interest, taxes, depreciation, and amortization — also known as EBITDA — increased 37 percent to 12.4 billion dirhams.
The aluminum firm also said the 36 percent adjusted EBITDA compared to 35 percent in 2021, is one of the highest among industry peers. Cash generated from operating activities of $3.4 billion increased 70 percent from $2 billion in 2021, it added.
The company paid shareholders dividends of 3.7 billion dirhams, consisting of an interim dividend of 2.2 billion dirhams in July and a further 1.5 billion dirhams, making it the largest payout for shareholders in the company’s history.
“Our performance demonstrated our resilience and strength at every step of the value chain,” said EGA CEO Abdulnasser bin Kalban said.
“I am confident that EGA will deliver another competitive performance in 2023 compared to peers in the sector,” he added.
However, EGA reported an impairment loss of $288 million for mining assets and related equipment at Guinea Alumina Corp., a prudent accounting measure representing higher capital costs and other market conditions in Guinea.
