UAE-based global aluminium business reached 2.4 million tonnes production capacity in 2014, generating AED 19.8bn of Revenue and AED 3.7bn of Net Income
United Arab Emirates: Emirates Global Aluminium ("EGA"), jointly owned by Mubadala Development Company ("Mubadala") and the Investment Corporation of Dubai ("ICD"), concluded its first year of operations, as announced at its 2014 Annual General Meeting.
In 2014, EGA delivered strong financial and operational performance, following the successful completion of the merger of its assets, and completion of its flagship project, EMAL Phase II. On this occasion, Abdulla Kalban (EGA Managing Director & Chief Executive Officer) stated, "We are extremely pleased with EGA's performance in its first year and the progress that has been made to integrate the businesses of DUBAL and EMAL. Through the year, the company has captured significant cost efficiencies and achieved economies of scale; and successfully delivered EMAL Phase II ahead of schedule, under budget and with an excellent safety record."
"In 2014, we were able to bring our full portfolio of value-added products to our global customer base, which includes more than 350 customers in almost 70 countries, while supporting a fast-growing downstream sector in the UAE. We also feel proud to continue to participate actively in the development of UAE National talent, with more than 1,300 National employees."
Financial Highlights
According to the financial results for FY 2014, EGA has achieved:
· Sales revenues of AED 19.8bn, a ~30% increase compared to the combined sales of EMAL and DUBAL in 2013; and
· Net income of AED 3.7bn, a ~75% increase compared to the combined sales of EMAL and DUBAL in 2013.
The results were driven in particular by the successful ramp-up of EMAL Phase II production and a continued focus on cost reduction initiatives.
Operational Highlights
EGA, among the leading primary aluminium producers in the world, reached 2.4 Mtpa of capacity in 2014. During the year, a number of successful operational milestones were reached:
· EMAL Phase II expansion project in Al Taweelah ramped up to full production capacity, ahead of schedule, using UAE-developed DX+ Technology. 42 million man hours were worked without any lost time injury;
· EGA successfully merged into a single entity, under one management team, providing direct employment to approximately 7,000 people in the UAE, of whom more than 1,300 are UAE Nationals (more than 38 per cent of staff in supervisory roles and 45 per cent of corporate staff are Nationals);
· Sold over 250 thousand tons in the UAE, supporting downstream manufacturing industries, and covering close to 100% of local demand;
· EGA completed feasibility studies for a 4.0 Mtpa alumina refinery to be built in two phases adjacent to EMAL in the Khalifa Industrial Zone of Abu Dhabi ("KIZAD");
· The Government of the Republic of Guinea ratified the revised project plan proposed by EGA subsidiary Guinea Alumina Corporation and the first phase involving the development of a bauxite export mine commenced.
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About EGA
Emirates Global Aluminium ("EGA") is a jointly-held, equal-ownership company formed by Mubadala Development Company of Abu Dhabi and the Investment Corporation of Dubai by combining their respective aluminium industry interests. EGA's core operating assets are Dubai Aluminium ("DUBAL", also known as EGA Jebel Ali) and Emirates Aluminium ("EMAL", also known as EGA Al Taweelah), whose combined annual production capacity of 2.4 million tonnes per annum ("tpa") places EGA among the top five primary aluminium producers in the world, by volume. The UAE-based EGA also owns Guinea Alumina Corporation ("GAC"), a strategic bauxite mine and alumina refinery development project in West Africa. In addition, EGA has plans for significant local growth and international expansion.
DUBAL, where commissioning began in 1979, operates one of the world's largest single-site primary aluminium smelters. The DUBAL complex, built on a 4.75 square kilometre site in Jebel Ali, Dubai, comprises a 1 million tpa smelter, a 2,350 MW power station, a large carbon plant, extensive casting operations (more than 1.2 million tpa), a water desalination plant, dock and other facilities. DUBAL holds ISO 9001, ISO 14001, ISO/TS 16949, ISO/IEC 20000-1, ISO/IEC 27001, ISO 29990, ISO 50001 and OHSAS 18001 certification.
EMAL, where commissioning began at the end of 2009, is the world's largest single-site primary aluminium smelter. The EMAL complex, housed on a 6 square kilometre site in Al Taweelah, Abu Dhabi, comprises a 1.3 million tpa smelter, a 3,100 MW power station, a large carbon plant, extensive casting operations (more than 1.8 million tpa), a water desalination plant, dock and other facilities. EMAL holds ISO 9001, ISO 10002, ISO./IEC 27001, ISO 29990, ISO14001 and ISO/TS16949 certification; as well as OHSAS 18001 certification and NEBOSH certification in Occupational Health and Safety.
The combined EGA portfolio comprises high quality primary aluminium products in three main categories: high purity and foundry re-melt products (for electronics and aerospace and automotive applications respectively); rolled products (for packaging, lithographic sheets and the automotive industry); and billets for extrusion and forging (for construction, industrial, transportation and automotive purposes). Busbars and anode bars are also made for the electrolytic process used to produce primary aluminium from alumina ore. Over 350 customers are served in at least 68 countries, predominantly in Asia, Europe, the MENA region and the Americas.
© Press Release 2015
