Abu Dhabi-Mubasher: Emirates Global Aluminium (EGA) posted net profits of AED 1.9 billion ($517 million) in the fiscal year 2015, a 48.7% drop from AED 3.7 billion ($1.007 billion) in the fiscal year 2014, according to the company’s statement on Monday.
The company’s sales revenues declined to AED 18.7 billion in FY15 from AED 19.8 billion in FY14 due to the lower market price of aluminium.
EGA launched several initiatives in 2015 to protect and enhance its low-cost advantage, as well as focusing on productivity improvement and capitalising on opportunities from the merger of EMAL and DUBAL, the statement said, adding that the company continued optimisation of capital costs and operating efficiency.
The company posted 2.4 million tons in sales of high quality aluminium to more than 250 customers around the world, a 4% increase compared to 2014.
The statement showed that over 225,000 tons of aluminium were sold in the UAE.
