DUBAI: Emirates Global Aluminium, one of the world’s largest aluminum producers, returned to profit in the first half of 2021 on the back of higher prices for its metal, as global economies recover from the coronavirus crisis.
The company, which is preparing for a potential initial public offering, reported a profit of 1.74 billion dirhams ($473.75 million). EGA reported a loss of 208 million dirhams in the year earlier period. EGA said that the first-half results were the strongest ever.
“I am confident that our performance will continue to improve, making EGA increasingly attractive should our shareholders decide to proceed with an initial public offering, which would be one of the United Arab Emirates’ largest ever,” Chief Executive Abdulnasser Bin Kalban said in a statement.
Revenue for the six months ended June 30 stood at 10.8 billion dirhams, compared with 9 billion last year.
The benchmark price for aluminum on the London Metal Exchange averaged $2,245 per ton in the first half of the year, compared with $1,592 per ton in the same period, a year earlier.
“We are quite bullish for aluminum prices for a number of reasons, on the short term, the recovery post-COVID-19 is supporting the demand for aluminum prices. But looking at the longer term, there’s a stronger push for decarbonization and aluminum is a metal that is well placed to make economies more sustainable,” said Zouhir Regragui, chief financial officer at EGA in an interview.
EGA, which is jointly owned by Abu Dhabi state investor Mubadala and Investment Corp. of Dubai, has asked banks to pitch for roles in a potential public share sale, which bankers say could take place next year.
The company has smelters in Abu Dhabi and Dubai and a bauxite mine in Guinea. It was formed in 2013 through a merger of state-owned Dubai Aluminium and Abu Dhabi’s Emirates Aluminium.
UAE’s Emirates Global Aluminium swings to profit in first half
UAE’s Emirates Global Aluminium swings to profit in first half
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
