Amid shifting trade rules, supply chain hiccups, and unpredictable premiums, Emirates Global Aluminium (EGA) held its ground in the first half of 2025. The company not only pushed its growth plans forward but also boosted recycling and smelting capacity, while moving ahead with plans to build the first new US aluminium smelter in over 40 years.
EGA, saw its revenue rise to AED 15.08 billion (USD 4.11 billion) in the first half of the year, up nearly 8 per cent from AED 13.98 billion (USD 3.81 billion) in the same period of 2024. Yet higher revenues masked weaker profitability.
Underlying EBITDA slipped to AED 3.82 billion (USD 1.04 billion), down from AED 4.20 billion (USD 1.14 billion) a year earlier. Net profit also declined, dropping to AED 1.63 billion (USD 445 million) from AED 1.84 billion (USD 500 million).
Cash generated from operations fell to AED 2.63 billion (USD 715 million), compared with AED 3.34 billion (USD 909 million) the year before.
EBITDA margins reflected the squeeze: aluminium segment margins fell from 27.5 per cent to 22.8 per cent. Nevertheless, EGA continued to outperform peers, maintaining what it called “industry-leading” profitability. Financial leverage also improved, with net debt to EBITDA reduced from 1.6x to 1.4x.
Operational output showed mixed results. Alumina production edged down to 1.14 million tonnes from 1.22 million tonnes, as the company shifted away from Guinean bauxite.
Primary hot metal production held steady at 1.34 million tonnes, while cast metal production ticked up to 1.41 million tonnes from 1.37 million tonnes.