UAE's Emirates Global Aluminium swings to profit in first half

DUBAI, Aug 30 (Reuters) – Emirates Global Aluminium, one of the world’s largest aluminium producers, returned to profit in the first half of 2021 on the back of higher prices for its metal, as global economies began to recover from the coronavirus crisis.

The company, which is preparing for a potential initial public offering, reported a profit of 1.74 billion dirhams ($473.75 million). EGA reported a loss of 208 million dirhams in the year earlier period.

Revenues for the six months ended June 30 stood at 10.8 billion dirhams, compared with 9 billion last year.

The benchmark price for aluminium on the London Metal Exchange averaged $2,245 per tonne in the first half of the year, compared with $1,592 per tonne in the same period, a year earlier.

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