Latest Job Vacancies in Emirates Global Aluminium 2022

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Company:- Emirates Global Aluminum

About Company :-

3 minute readAugust 26, 20217:48 PM GMT+5:30Last Updated a year ago

UAE's Emirates Global Aluminium considering IPO in 2022 - sources

By Hadeel Al Sayegh, Saeed Azhar and Davide Barbuscia

DUBAI, Aug 26 (Reuters) - Emirates Global Aluminium (EGA) is weighing a potential initial public offering next year, sources said, in what could be one of the biggest share sales in the United Arab Emirates in recent years.

EGA, one of the world's largest aluminium producers, is examining proposals from banks which pitched for advisory roles, said three sources familiar with the matter, who declined to be named as the matter is not public.

A decision from EGA on bank mandates is yet to be communicated, but the sources expected the deal would include several international investment banks alongside local lenders First

EGA, which is jointly owned by Abu Dhabi state investor Mubadala and Investment Corp of Dubai, was formed in 2013 through a merger of state-owned Dubai Aluminium and Abu Dhabi's Emirates Aluminium. Mubadala declined to comment. ICD did not respond to a request for comment.

Its revenue for the first half of the year stood at Dhs18.3bn ($5bn) compared to Dhs10.8bn ($2.9bn) in H1 2021.

Sales of cast metal increased by 11 per cent to 1.31 million tonnes, compared 1.18 million tonnes in the first half of 2021. EGA supplied more than 400 customers with metal in over 50 countries. Sales of value-added products or ‘premium aluminium’ increased five per cent to 1.07 million tonnes from 1.02 million tonnes in H1 2021.

After the end of the first half of 2022, EGA made a Dhs2.9bn ($800m) corporate debt pre-payment. Since January 2021, the company has pre-paid Dhs6.5bn ($1.8bn) in total, while making Dhs968m ($263m) in scheduled payments, it said in a statement.

EGA’s outstanding corporate debt currently stands at Dhs17.4bn ($4.7bn), while additionally, EGA’s subsidiary Guinea Alumina Corporation has an outstanding project financing of Dhs2.4bn ($662m). EGA’s net debt to adjusted EBITDA ratio is 1.2x.

After the end of the half, EGA also paid an interim dividend of Dhs2.2bn ($600m) to its shareholders.

Abdulnasser Bin Kalban, chief executive officer of EGA, said: “Our net profit for the first half exceeded net profit for the entirety of last year. During the first half we worked to debottleneck our operations, optimise our customer and product mix to maximise our revenue, robustly control our costs, and set the course for future growth. We will continue to focus on delivering competitive returns for our sector, however the global aluminium market develops.”

“Aluminium demand is closely correlated to the health of the global economy,” said Zouhir Regragui, chief financial officer of EGA. “The economic outlook for the remainder of the year is uncertain but market conditions are likely to be less favourable than in the first half. We will maintain our focus on what we control – operational excellence, maximising the value of our production through our marketing strategy, controlling our overheads, and closely managing our working capital – to continue to deliver excellent returns compared to our sector.”

EGA also announced a strategic initiative with Abu Dhabi National Energy Company (TAQA), Dubal Holding and Emirates Water and Electricity Company that would expand clean energy development, advance power assets and generation optimisation, and decarbonise EGA’s aluminium production, the statement added.

EGA and shipping giant, Kawasaki Kisen Kaisha will also cooperate on research and pilot projects to decarbonise bulk cargo shipping, it was announced last month.

Emirates Global Aluminum (“EGA”) is owned equally by Mubadala Development Company of Abu Dhabi and Investment Corporation of Dubai. EGA is an aluminium conglomerate with interests in bauxite/alumina and primary aluminium smelting; with plans for significant local growth and international expansion.

Compensation and benefits at EGA

The EGA Compensation & Benefits department maintains a strong salary structure and ensures that it is aligned with the business’s needs and the market. EGA offers attractive remuneration packages, comprising competitive salaries with performance-linked increments and regular bonuses; health insurance; a pension plan; a travel allowance for annual leave; and scholarship opportunities for employees to expand their tertiary education. EGA’s goal is to be competitive in each respective market.A performance management system is used throughout the company to reward employees in alignment with company and individual performance.

On-site accommodation is available at EGA Jebel Ali for UAE National employees and trainees at non-supervisory level who reside in distant emirates (Al Ain and Al Gharbia regions of Abu Dhabi; Ras Al Khaimah; Umm Al Quwain; Fujairah; Eastern Region, Kalba, Khorfakan and Dibba regions of Sharjah).

Salary:- Best In Industries

Job Profiles :-Admin | HR | Accounting | Sales | Engineer | Manager | Supervisor | Operations

Qualification:-Any Graduate/ Any Degree / Diploma / ITI |Btech | MBA | +2 | Post Graduates

Nationality :- Any Nationality Can Apply

Location :- UAE

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