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Emirates International Aluminum PJSC (EGA) just lately posted file income for January-June 2021 amid an increase in commodity costs, and is now seeking to proceed with plans to go public within the close to future.
The corporate’s earnings within the first half of 2021 was round 1.74 billion dirhams ($473 million). EGA stated that its first-half outcomes have been the strongest ever. The corporate’s income for the primary six months of 2021 stood at $2.9 billion, in contrast with $2.4 billion final yr.
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In accordance with EGA’s chief monetary officer, Zouhir Regragui, each the post-pandemic financial restoration and the worldwide transfer in direction of clear vitality present for a optimistic outlook on aluminum demand, which can result in an additional surge in income.
“We’re bullish about costs,” Regragui stated in an assertion, as cited by Reuters.
“I’m assured that our efficiency will proceed to enhance, making EGA more and more engaging ought to our shareholders determine to proceed with an IPO, which might be one of many largest ever for the United Arab Emirates (UAE),” EGA’s CEO Abdulnasser bin Kalban said in an interview.
EGA belongs to 2 sovereign wealth funds – Funding Company of Dubai and Abu Dhabi’s Mubadala Funding Firm. The latter stated earlier this yr that it was near itemizing an IPO with an estimated worth of some $15 billion to $20 billion.
Regardless of rising income, nevertheless, EGA’s manufacturing dropped in 2021, whereas gross sales fell 6% to 1.18 million tons in comparison with the ultimate quarter of 2020. The agency defined the plunge just about logistics troubles and its present strikes to improve the corporate’s carbon vegetation, Bloomberg reported.
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EGA stated it should proceed to give attention to producing premium aluminum of upper worth, amounting to 86% of the corporate’s gross sales in 2021, up from 69% final yr. It’s additionally planning to promote extra low-carbon aluminum after it started producing utilizing photo voltaic vitality earlier this yr. EGA and BMW AG just lately signed a provide deal for the metallic price round $120 million.
Aluminum is a extremely versatile metallic that can be utilized for energy strains, digital parts and electrical autos. It has been gaining reputation over the previous yr, with futures in London rallying almost 35% to $2,655 per ton, the metallic’s highest value previously 10 years.
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