UAE's EGA reports 63% rise in annual adjusted EBITDA

Emirates Global Aluminium (EGA) of the United Arab Emirates on Tuesday reported a 63% increase in annual adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).

The Abu Dhabi and Dubai jointly-owned company said EBITDA increased to 4.1 billion dirham ($1.13 billion), while revenue fell 9% to 18.7 billion which it said was due to lower prices and a drop in demand for "value added products."

Chief Executive Abdulnasser bin Kalban said EGA expected benchmark aluminium prices to remain around $2,000 this year.


EGA is equally owned by state funds the Investment Corporation of Dubai and Abu Mubadala Investment Company of Abu Dhabi.