Emirates Global Aluminium, one of the largest aluminum producers in the world, announced today, Tuesday, that its annual net profit for 2022 rose 34% to a record 7.4 billion dirhams ($2.01 billion) thanks to higher prices.
The Emirati company said that the average price achieved on the London Metal Exchange for its metal was $ 2,715 per ton.
Benchmark aluminum rose on the London Metal Exchange to its highest level in a decade in March last year to $ 3985 a ton, before falling to a low of $ 2080 in September.
The company’s CEO, Abdel Nasser bin Kalban, said in a statement: “The future outlook for aluminum is still affected by some pressures due to the aluminum industry’s connection to the recovery of the global economy.
