Emirates Global Aluminium (EGA) sold 2.60mn mt of cast aluminium in 2019 compared to 2.64mn mt in 2018. EGA reported revenues of AED20.5bn ($5.6bn) in 2019, down by 12 pc from a year ago amid low global aluminium prices, according to a company release.
The company offset the drop in aluminium price by an increased sales of value-added products, which accounted 87.4pc of total sales at for 2.3mn mt. Sales to UAE-based customers was 294,000mt, up from 275,000mt in 2018. Sales to downstream aluminium industry in the UAE formed 11pc of EGA’s total sales in 2019.
The year 2019 was a challenging year for the global aluminium industry with lower prices for finished metal and proportionally much higher prices for raw materials. In the first half of 2019, there was a global shortage alumina due to cut down of production at a major refinery in Brazil.
EGA will continue to focus on value-added sales as they attract higher premiums over benchmark aluminium prices.
The company’s Al Taweelah alumina refinery produced 1.1mn mt of alumina in 2019. Production at the refinery began in April 2019. EGA’s bauxite mining subsidiary, Guinea Alumina Corporation reported mining of 1.7mn mt of bauxite ore. Guinea Alumina Corporation began its bauxite ore exports in August 2019.