UAE-based Emirates Global Aluminium’s (EGA’s) production from its Al Taweelah refinery ticked up by 4.8pc to 1.09mn mt in H1 2021 from 1.04mn mt in the second half of 2020.
The company is positive on its long-term outlook for aluminum demand as the global economy recovers. Its prime focus remains on its ‘premium aluminum’ products portfolio, which entails customized value-added products.
According to EGA’s latest earnings report, the company’s sales fell by 6pc to 1.18mn mt in the first half, compared to 1.25mn mt in H2 2020. Of this total, 140,000mt was sold domestically. The company said that issues with logistics, such as containers impacted sales.
EGA swung to a profit of AED1.74bn ($473mn) in H1 2021 against a loss of AED208mn in the prior year period. The producer attributed its record half-yearly performance to strong LME prices and an increase in the percentage of value-added sales.
($1=AED3.67)