Emirates Global Aluminium (EGA) reported a 34 per cent increase in adjusted net profit for the first half of 2026, helped by higher aluminium prices, stronger regional premiums, lower alumina costs and tight control of expenses.
The UAE-based aluminium producer said adjusted net profit reached Dh2.46 billion in the six months to June, compared with the same period last year. Adjusted EBITDA increased 11 per cent to Dh4.51 billion from Dh4.07 billion, while the EBITDA margin improved to 33.3 per cent from 27 per cent.
Reported net income was Dh1.74 billion after the company recognised a net impact of Dh725 million linked to the March incident at Khalifa Economic Zone Abu Dhabi. Reported EBITDA stood at Dh4.42 billion.
Revenue fell 10 per cent to Dh13.54 billion from Dh15.08 billion, mainly because of lower sales volumes following reduced production at the Al Taweelah facility. Higher realised aluminium prices partly offset the decline.
EGA’s board approved an interim dividend of Dh1.73 billion, representing 70 per cent of adjusted net income.
Market conditions also supported the company’s financial performance. The average London Metal Exchange aluminium price climbed to $3,382 per tonne during the first half, up from $2,538 a year earlier. Regional premiums also recorded significant growth.
Restoration work at Al Taweelah is progressing, with 227 reduction cells, equal to 18 per cent of the total, restarted by August 10. All three potlines have been energised, and production is expected to increase as more cells return to operation. EGA expects production to reach pre-incident levels during the first quarter of 2027, while efforts continue to bring forward the recovery.
The Al Taweelah alumina refinery restarted production in early July and reached half of its pre-incident output within days. EGA estimates that restoring the facility will require about Dh1.5 billion in capital spending, with most of the expenditure expected this year.
Aluminium sales declined 32 per cent to 939,000 tonnes, while cast metal production dropped 29 per cent to 1.01 million tonnes. Despite logistics disruptions that temporarily halted new UAE outbound shipments in March, EGA said alternative routes through ports outside the Strait of Hormuz helped gradually increase shipping capacity and reduce domestic inventories.
Chief Executive Abdulnasser Bin Kalban said the company had continued serving customers while restoring Al Taweelah and pursuing international expansion.
EGA is also developing a proposed 750,000-tonne-per-year aluminium plant in Oklahoma through a joint venture with Century Aluminum. The company is seeking a 60 per cent stake in the project, which is expected to begin production by the end of the decade.
The company is also progressing with plans to acquire an 80 per cent stake in Italy’s Eco Green, a move that would raise EGA’s annual recycling capacity above 400,000 tonnes across the UAE, Europe and the US.
EGA ended June with Dh6.07 billion in cash and term deposits, along with Dh3.67 billion in undrawn revolving credit facilities.
