UAE – Mubasher: The adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Emirates Global Aluminium (EGA) plunged by 43% in 2019.
The world’s third-largest premium aluminium producer in the world outside China recorded AED 2.5 billion ($693 million) adjusted EBITDA in 2019, versus AED 4.4 billion ($1.2 billion) in 2018, according to the company's press release on Thursday.
The drop in adjusted EBITDA was caused by lower prices for finished metal and higher prices for raw materials during the first half of 2019, including alumina.
The company's revenues declined to AED 20.5 billion ($5.6 billion) in 2019, compared to AED 23.5 billion ($6.4 billion) in the previous year.
Commenting on the company's 2019 performance, the CEO of EGA, Abdulnasser bin Kalban, said: "2019 was a challenging year for the global aluminium industry and we took strong action at EGA to reduce our costs, improve our operational efficiency, and maximise cash generation."