Emirates Global Aluminium, the UAE’s largest industrial company outside the oil and gas sector, reported record full-year earnings in 2021 as profit surged more than 12 folds with strong global economic recovery boosting demand for its products.
Adjusted earnings before interest, taxes, depreciation and amortisation, or Ebitda, for the 12 months to the end of 2021 more than doubled to Dh9 billion ($2.5bn).
Net profit for the reporting period jumped to Dh5.5bn from Dh445 million a year earlier at the height of the pandemic, which severely disrupted economic momentum.
“There was a strong global market for our metal last year as the world built back better from the Covid-19 pandemic,” Abdulnasser Bin Kalban, chief executive of EGA, told The National on Monday.
"Our record performance is not just because of attractive aluminium prices, we [also] delivered a solid operational performance."
EGA has rebounded strongly from pandemic-driven headwinds and today has "strength from mine to metal". It has an optimised capital structure that will allow it to continue delivering significant dividends to its shareholders in the future and grow its business.
EGA’s earnings were driven by a strong global market for aluminium as economies continued to recover from the pandemic despite continued uncertainties and emergence of new Covid-19 variants. Improved operational performance throughout the value chain and a focus on efficiency also boosted profitability, the company said.
A high percentage of value-added products and increased production at the company’s Al Taweelah alumina refinery and its Guinea Alumina Corporation also underpinned improved earnings.
EGA’s proportion of sales by value-added products or ‘premium aluminium’ rose to 84 per cent of total sales, close to its all-time high, compared to 72 per cent in 2020. Value-added products attract higher premiums over benchmark prices than those achieved by standard aluminium and allow EGA to maximise the value of its primary aluminium production. In 2021, EGA continued to be the world's largest producer of value-added products by volume, the company said.
Production and sales of every commodity in the value chain increased in 2021 compared to 2020. EGA’s average realised London Metal Exchange aluminium price for 2021 was $2,382 per tonne. Its revenue at the end of December jumped to Dh25.5bn from Dh18.7bn in 2020.
"In the shorter term, strong demand has continued in the first quarter of 2022. While like others we are still facing challenges with global logistics, we have adopted new approaches such as break-bulk shipping to overcome them," said Mr Bin Kalban.
Prices of commodities that were on the rise in 2022 in part due to supply chain bottlenecks have seen a further boost amid Ukraine-Russia conflict. Commodities including oil, gas, gold and industrial metals such as aluminium have seen a sharp surge in prices over the recent weeks amid fears of supply disruptions.
Russia accounted for about 12 per cent of global crude oil exports in 2020 and about 10 per cent of total oil product exports, according to Emirates NBD. It supplies 25 per cent of the world's natural gas exports and is also a major producer of industrial metals.
It is the third-largest source of mined nickel ore and a major supplier of palladium and aluminium to global markets. Aluminium, which surged to fresh record last week, was trading 1.09 per cent lower to $3,357.50 a tonne on the London Metal Exchange on Monday.
Despite short-term market volatility, EGA remains focused on "maximising the value of its existing assets by debottlenecking and driving further efficiency”.
“Higher prices for aluminium have prevailed since the world started rebounding from Covid-19, and this demonstrates the strong long-term outlook for our metal as a key material for the development of a more sustainable future," said Zouhir Regragui, chief financial officer of EGA.
"We will take more bold steps to strengthen our own sustainability."
There was a strong global market for our metal last year as the world built back better from the Covid-19 pandemic
Abdulnasser Bin Kalban,
chief executive, EGA
EGA, whose Ebitda margin climbed to 35 per cent at the end of 2021 — one of the highest among industry peers — generated Dh7.5bn cash from operations for the reporting period, up from Dh5.5bn in 2020.
It significantly deleveraged its balance sheet, reducing its senior corporate debt facility by Dh2.7bn to Dh20.3bn. It fully repaid Dh1.6bn project financing for the construction of Al Taweelah smelter. In total, EGA repaid Dh4.4bn of debt in 2021 with its net debt to adjusted Ebitda ratio reaching 2.4 times.
“Our deleveraging trajectory remains very strong, driven by both market conditions and our own efforts to improve Ebitda. As a result, EGA is increasingly well-set for the next phase of our growth journey,” Mr Regragui said.
EGA, which is jointly owned by Abu Dhabi’s strategic investment arm, Mubadala Investment Company, and the Investment Corporation of Dubai said shareholders received Dh735m in dividends in 2021.
The company, which has over 400 customers in more than 50 countries around the globe, sold 2.54 million tonnes of cast metal last year.
It sold 280,000 tonnes of metal to its customers in the UAE, up from 252,000 tonnes in 2020, further growing EGA’s contribution to the UAE economy in line with the target to double the absolute economic impact by 2040.
Al Taweelah alumina refinery exceeded its nameplate capacity by 15 per cent, delivering 2.3 million tonnes of alumina to EGA’s aluminium smelters, making Dh830m contribution to EGA's adjusted Ebitda.
"For me this is truly world class performance," Mr Bin Kalban said.
Exports of bauxite ore from Guinea Alumina Corporation totalled 12 million wet metric tonnes, an increase of 2.3 million tonnes in 2020. GAC’s production, which is mostly shipped to external customers, made EGA one of the largest merchant bauxite suppliers in the world, the company said.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
COMPANY%20PROFILE
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SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2-litre%204-cylinder%20petrol%20(V%20Class)%3B%20electric%20motor%20with%2060kW%20or%2090kW%20powerpack%20(EQV)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20233hp%20(V%20Class%2C%20best%20option)%3B%20204hp%20(EQV%2C%20best%20option)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20350Nm%20(V%20Class%2C%20best%20option)%3B%20TBA%20(EQV)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EMid-2024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3ETBA%0D%3C%2Fp%3E%0A
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
Dengue%20fever%20symptoms
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COMPANY%20PROFILE
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More from Rashmee Roshan Lall
LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
T20 WORLD CUP QUALIFIER
Results
UAE beat Nigeria by five wickets
Hong Kong beat Canada by 32 runs
Friday fixtures
10am, Tolerance Oval, Abu Dhabi – Ireland v Jersey
7.30pm, Zayed Cricket Stadium, Abu Dhabi – Canada v Oman
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
If you go
The Flights
Emirates and Etihad fly direct to Johannesburg from Dubai and Abu Dhabi respectively. Economy return tickets cost from Dh2,650, including taxes.
The trip
Worldwide Motorhoming Holidays (worldwidemotorhomingholidays.co.uk) operates fly-drive motorhome holidays in eight destinations, including South Africa. Its 14-day Kruger and the Battlefields itinerary starts from Dh17,500, including campgrounds, excursions, unit hire and flights. Bobo Campers has a range of RVs for hire, including the 4-berth Discoverer 4 from Dh600 per day.
THE%20HOLDOVERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAlexander%20Payne%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Paul%20Giamatti%2C%20Da'Vine%20Joy%20Randolph%2C%20Dominic%20Sessa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3C%2Fp%3E%0A
Company%20profile
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Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
UAE currency: the story behind the money in your pockets
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
COMPANY%20PROFILE
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More on Quran memorisation:
The years Ramadan fell in May
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
COMPANY%20PROFILE%20
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Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
The specs
Engine: 6.2-litre V8
Power: 502hp at 7,600rpm
Torque: 637Nm at 5,150rpm
Transmission: 8-speed dual-clutch auto
Price: from Dh317,671
On sale: now
RESULT
Los Angeles Galaxy 2 Manchester United 5
Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')
