Aluminium producer EGA's net income dropped by 64% year on year in 2018 due to high raw materials costs, it said in its company results released on Monday March 11.
Net income in 2018 fell to AED1.2 billion ($325 million) from AED3.3 billion ($900 million) in 2017. "The aluminium industry is going through a challenging period with higher prices for our raw materials and lower benchmark prices for finished metal," Abdulla Kalban, EGA's managing director and chief executive officer, said. "This is reflected in our financial performance for 2018, although EGA achieved record production and value-added product sales and continued our...