Abu Dhabi: Emirates Global Aluminium (EGA), the largest industrial company in the UAE outside the oil and gas industry, reported net income of Dh2.1 billion for 2016, an increase of 10 per cent compared to 2015 figure of Dh1.9 billion.

The company attributed the rise in net income to record production and a strong focus on cost control.

Revenue for 2016 was Dh17.1 billion, a decrease of 9 per cent from Dh18.7 billion in 2015 as a result of lower global aluminium prices, the company said in a statement on Tuesday.

Earnings Before Interest, Taxes, Depreciation and Amortisation (Ebitda) stood at Dh5.0 billion, in line with 2015.

EGA’s aluminium production during 2016 was a record 2.5 million tonnes of hot metal, an increase from 2015’s 2.4 million tonnes, the company said.

EGA, equally-owned by Mubadala Development Company and Investment Corporation of Dubai, owns and operates aluminium smelters in Jebel Ali in Dubai and Al Taweelah in Abu Dhabi. EGA’s production makes the UAE the fourth-largest aluminium producing nation in the world.

Last year, the company made progress in its strategic objective of expanding upstream in the aluminium value chain and internationally to create new revenue streams and secure strategic supplies for the UAE’s aluminium industry.

In June, EGA’s Board approved construction of a 12 million tonnes per annum bauxite mine (with future expansion potential) and associated export facilities in Kamsar in the Republic of Guinea in EGA’s first expansion into mining, managed through its subsidiary company Guinea Alumina Corporation (GAC).

The company also said there was significant construction progress on EGA’s first phase of its Al Taweelah alumina refinery during 2016, targeting a capacity of 2 million tonnes per annum of smelter grade alumina, with further expansion potential on its site adjacent to the Al Taweelah smelter.

Abdulla Kalban, EGA’s Managing Director and Chief Executive Officer said: “The hard work of EGA’s employees delivered strong financial performance in 2016 despite challenging conditions in the global aluminium market. This is a result of our focus on cost management, operational efficiencies, continuous improvement of our technology, and responsiveness to the needs of our customers around the world.”

EGA supplies aluminium to some 300 customers in over 60 countries worldwide.