UAE - Mubasher: The adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) of Emirates Global Aluminium (EGA) jumped by 63% to AED 4.1 billion ($1.13 billion) in 2020 from AED 2.5 billion ($693 million) in 2019.

Higher adjusted EBITDA is attributed to a strong performance of EGA’s alumina refinery and bauxite mine, the focus on controllable costs, and lower global prices for input materials, according to a press release on Tuesday.

The company generated revenues of AED 18.7 billion ($5.1 billion) last year, down 9% from AED 20.5 billion ($5.6 billion) in 2019, due to lower world prices for aluminium and reduced demand for value-added products.

Meanwhile, the company reported a smelting EBITDA margin of 23% for 2020, compared to 14% in 2019, to be ranked amongst the best globally.

Commenting on the company's performance in 2020, the CEO of EGA, Abdulnasser bin Kalban, said: "The recovery of the global aluminium market that began in the second half of 2020 has continued into 2021, based on the brightening world economic outlook and growing optimism about the rollout of COVID-19 vaccination."

Kalban added: "We expect benchmark aluminium prices to remain around $2,000 for 2021 as a whole."