Emirates Global Aluminium reported a 34 per cent annual increase in its first-half adjusted net profit after regional fallout from the Iran war.
The company’s six-month adjusted net profit, which excludes the effect of the Iranian attack on Al TaWeelah plant in March, rose to Dh2.46 billion ($670 million), the UAE’s largest industrial company outside the oil and gas sector said on Wednesday.
Revenue during the period fell 10 per cent to Dh13.5 billion due to lower sales volumes after the incident at Al Taweelah, which was partially offset by higher aluminium prices.
The total capital expenditure required to restore production at Al Taweelah is expected to be about $400 million, with most of the expenditure expected during 2026 and some during 2027, the company said.
Reported net income for the January-June period reached $473 million, after recognising a net impact of $197 million related to the incident, EGA said.
The total aluminium sales were down 32 per cent to 939 thousand tonnes in the first half, the result of logistic constraints arising out of the regional conflict and the closure of the Strait of Hormuz. However, the company said it established alternative export routes through ports outside the strait to increase shipments.
“Despite significant logistics challenges, our supply chain is robust, and we continue to make deliveries to customers,” chief executive Abdulnasser bin Kalban said.
“We are making strong progress in the restoration of production at Al Taweelah. We are also advancing our global growth strategy. EGA will come back stronger than ever before.”
EGA's Al Taweelah plant was among the critical infrastructure sites struck as Iran launched attacks across the Gulf. The production unit at Khalifa Economic Zones Abu Dhabi was hit on March 28, sustaining “significant damage”.
EGA said it continues to execute a "comprehensive and disciplined restoration programme" at Al Taweelah, with basic utilities being restored across the site and natural gas and electricity availability projected to ramp up in line with the needs of the restart programme, it added.
