Emirates Global Aluminium PJSC, whose shareholders are considering an initial public offering, posted a record first-half profit as prices of the metal soared.
Profit rose almost fourfold to 5.9 billion dirhams ($1.6 billion), the Middle East’s biggest aluminum producer said Tuesday. That exceeded the profit the firm reported for the whole of last year. Revenue jumped about 70% to 18.3 billion dirhams.
Aluminum, used in everything from beer cans to plane parts, averaged about 36% higher in London over the first half of the year compared with the year-earlier period after Russia’s invasion of Ukraine roiled markets. Prices have since dropped from the highs reached in March, with aluminum trading at $2,394 a ton on the London Metal Exchange. EGA warned of tougher conditions.
“We expect the market conditions to be more challenging the second half of the year,” Chief Executive Officer Abdulnasser bin Kalban said in an interview. “We remain well on the course for a strong and incredible year overall.”
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