Emirates Global Alumunium Profit Climbs Before Possible IPO - Bloomberg

Emirates Global Alumunium Profit Climbs Before Possible IPO - Bloomberg:

"Emirates Global Aluminium, which may sell shares to the public for the first time this year, said 2017 profit surged as it took advantage of higher prices and boosted output to a record. Net income rose to 3.3 billion dirhams ($900 million) from 2.1 billion dirhams in 2016, United Arab Emirates-based EGA said Tuesday in an emailed statement. Revenue climbed 20 percent to 20.5 billion dirhams amid “favorable conditions” in the global aluminum market, it said. Aluminum gained 34 percent in 2017 on the London Metal Exchange, the biggest increase since 2009. EGA’s possible share sale is “subject to market conditions,” Chief Executive Officer Abdulla Kalban said in a phone interview. “The way we see the market today is quite positive,” and the company is “still in the early stage until we announce the IPO,” Chief Financial Officer Danny Dweik said in the same interview. Kalban and Dweik declined to comment on possible listing locations."



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