EGA's First Half Profit Rises 34 Percent Despite Al Taweelah Drone Attack

Emirates Global Aluminium (EGA), the UAE's largest industrial company outside oil and gas, said on Wednesday, August 12, 2026 (21 Mordad 1405) that its adjusted net profit for the first half of 2026, which excludes the impact of the March drone attack on its Al Taweelah plant, rose 34 percent year on year to 2.46 billion dirhams ($670 million). According to The National, reported net income for the January to June period came to $473 million, after absorbing a $197 million hit from the Al Taweelah attack.

EGA chief financial officer Pal Kildemo told The National the company expects to spend about $400 million restoring the plant, mostly during 2026 with some spending in 2027, funded from its balance sheet and operating cash flow. First half revenue fell 10 percent to 13.5 billion dirhams on lower sales volumes, partly offset by higher aluminium prices on the London Metal Exchange, which averaged $3,382 a tonne in the first half, up from $2,538 a tonne a year earlier. Total aluminium sales volume fell 32 percent to 939,000 tonnes due to logistics constraints from the regional conflict and the closure of the Strait of Hormuz.