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Emirates Global Aluminium reports 10% rise in 2016 profit

Emirates Global Aluminium reports 10% rise in 2016 profit

Revenue fell 9 per cent to Dhs17.1bn due to lower aluminium prices

Emirates Global Aluminium (EGA) on Tuesday reported a 10 per cent rise in 2016 net profit to Dhs2.1bn ($572m) despite a fall in revenue.

“This is a result of our focus on cost management, operational efficiencies, continuous improvement of our technology, and responsiveness,” CEO Abdulla Kalban said.

Revenue fell 9 per cent to Dhs17.1bn due to lower aluminium prices, said EGA, which is owned equally by Abu Dhabi and Dubai investment funds.

Its aluminium production rose to 2.5 million tonnes (mt) from 2.4 million a year earlier.

In June, EGA’s board approved construction of a 12 mt per annum bauxite mine and export facility in Guinea.

EGA supplies aluminium to some 300 customers in more than 60 countries.

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