Emirates Global Aluminium has reported nine month revenue of 5.28 billion dollars, down 16 per cent on the same period a year earlier, after damage to its Al Taweelah smelter cut output and sales. Adjusted net profit fell 9 per cent to 744 million dollars from 817 million, while reported net profit was 547 million dollars after a net impact of 197 million dollars from the incident in March.
The volume figures show where the damage sits. Aluminium sales fell 36 per cent to 1.33 million tonnes and alumina output came in at 899,000 tonnes against 1.75 million a year earlier. At Al Taweelah, 766 of 1,262 reduction cells were running, with a full restart targeted for the first quarter of 2027 at a capital cost of about 400 million dollars.
The gap between a 36 per cent fall in volume and a 9 per cent fall in adjusted profit is the part worth reading twice. A smelter is a high fixed cost operation, so lost volume normally falls through to earnings close to one for one. That it did not implies the company was selling into a strong price environment and was able to prioritise higher value product, which is the only lever available when the metal itself is constrained.
Restarting reduction cells is slow and expensive work. Cells that have been taken offline cool and the frozen electrolyte has to be dealt with before they can be brought back, which is why a restart is measured in quarters rather than weeks and why the 400 million dollar figure is capital expenditure rather than maintenance.
The company has also moved on logistics. An agreement with Gulftainer covers shipments of up to 250,000 tonnes in the first year, rising to 300,000 tonnes in the second, routed through ports outside the Strait of Hormuz. That is a structural response rather than a temporary one: a producer whose entire export volume passes through a single maritime chokepoint carries a risk that no insurance arrangement fully removes, and building an alternative route is the only durable answer.
the company is led by chief executive Abdulnasser bin Kalban, with Pal Kildemo as chief financial officer. The company has not revised its guidance for the full year in the material reported this week.
