UAE-based global aluminium business reached 2.4 million tonnes production capacity in 2014, generating AED 19.8bn of Revenue and AED 3.7bn of Net Income
United Arab Emirates: Emirates Global Aluminium (“EGA”), jointly owned by Mubadala Development Company (”Mubadala”) and the Investment Corporation of Dubai (“ICD”), concluded its first year of operations, as announced at its2014 Annual General Meeting.
In 2014, EGA delivered strong financial and operational performance, following the successful completion of the merger of its assets, and completion of its flagship project, EMAL Phase II. On this occasion, Abdulla Kalban (EGA Managing Director & Chief Executive Officer) stated, “We are extremely pleased with EGA’s performance in its first year and the progress that has been made to integrate the businesses of DUBAL and EMAL. Through the year, the company has captured significant cost efficiencies and achieved economies of scale; and successfully delivered EMAL Phase II ahead of schedule, under budget and with an excellent safety record.”
“In 2014, we were able to bring our full portfolio of value-added products to our global customer base, which includes more than 350 customers in almost 70 countries, while supporting a fast-growing downstream sector in the UAE. We also feel proud to continue to participate actively in the development of UAE National talent, with more than 1,300 National employees.”
According to the financial results for FY 2014, EGA has achieved:
The results were driven in particular by the successful ramp-up of EMAL Phase II production and a continued focus on cost reduction initiatives.
EGA, among the leading primary aluminium producers in the world, reached 2.4 Mtpa of capacity in 2014. During the year, a number of successful operational milestones were reached: