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    EGA’s 2019 revenue declines 12% despite higher sales volume of value-added products

  • China Aluminium Network
  • Post Time: 2020/3/27
  • Click Amount: 805

    Emirates Global Aluminium, the world’s largest premium aluminium producer, has revealed its financial and operational reports of 2019, where it has mentioned that its revenue totalled at AED 20.5 billion ($5.6 billion) during the year. In 2018, EGA’s revenue was AED 23.5 billion ($6.4 billion), which means 2019 saw a drop in revenue of about 12 per cent. The primary reason for the revenue downfall could be attributed to the lower world prices of aluminium, although partially offset by a higher sales volume of value-added products.

    As per the report, EGA’s adjusted EBITDA came in at 2.5 billion ($693 million) in 2019, compared to AED 4.4 billion ($1.2 billion) in 2018. Lower prices for finished metals were one of the reasons for this fall, besides proportionately higher prices for raw materials during the first half of 2019. Cash generated from operating activities was AED 4.1 billion ($1.1 billion), which in 2018 was AED 5.4 billion ($1.5 billion).

    Nonetheless, despite the challenging market conditions, EGA’s smelting EBITDA margin for 2019 was close to 14 per cent, ranking amongst the best globally.

    EGA could also successfully maintain its position as the world’s largest ‘premium aluminium’ producer by volume, with a sales volume of value-added products at 2.3 million tonnes or 87.4 per cent of total sales. Value-added products attract higher premiums over benchmark prices and enable EGA to maximise the value of its primary aluminium production. EGA in the whole of 2019 sold 2.60 million tonnes of cast metal, compared to 2.64 million tonnes in 2018.

    Abdulnasser Bin Kalban, Chief Executive Officer of EGA, said: “2019 was a challenging year for the global aluminium industry and we took strong action at EGA to reduce our costs, improve our operational efficiency, and maximise cash generation. EGA’s key strengths, including our highly-efficient smelting technology and market leadership in value-added products, enabled us to achieve competitive EBITDA margins in the global aluminium industry.”

    EGA’s Al Taweelah Refinery, which began its production in April 2019, produced 1.1 million tonnes of alumina in 2019, while EGA’s bauxite project at the Republic of Guinea, which started in August 2019, mined 1.7 million tonnes in the year.

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