Emirates Global Alumunium Profit Climbs Before Possible IPO
- EGA’s 2017 output climbed to a record as revenue rose 20%
- Producer’s possible IPO is ‘subject to market conditions’: CEO
Traders react on the trading floor of the open outcry pit at the London Metal Exchange .
Photographer: Luke MacGregor/BloombergThis article is for subscribers only.
Emirates Global Aluminium, which may sell shares to the public for the first time this year, said 2017 profit surged as it took advantage of higher prices and boosted output to a record.
Net income rose to 3.3 billion dirhams ($900 million) from 2.1 billion dirhams in 2016, United Arab Emirates-based EGA said Tuesday in an emailed statement. Revenue climbed 20 percent to 20.5 billion dirhams amid “favorable conditions” in the global aluminum market, it said. Aluminum gained 34 percent in 2017 on the London Metal Exchange, the biggest increase since 2009.