Emirates Global Aluminium profits fall amid lower finished metals prices - Arabianbusiness

Emirates Global Aluminium profits fall amid lower finished metals prices - Arabianbusiness:

Emirates Global Aluminium’s earnings fell to $693 million in 2019 from $1.2 billion the year before amid lower prices for finished metals and proportionally higher prices for raw materials in the first half of the year, the company has announced.

In a statement, EGA said that revenues fell 12 percent from $6.4 billion in 2018 to $5.6 billion in 2019, driven by lower world prices for aluminium but partially offset by a higher volume of value-added products.

The statement added that cash generated from operating activities stood at $1.1 billion for the year, compared to $1.5 billion in 2018.

Additionally, the statement said that EGA’s value-added product sales of 2.3 million tonnes amounted to 87.4 percent of total sales, helping it maintain its position as the world’s largest ‘premium aluminium’ producer by volume.