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Emirates Global Aluminium (EGA), a premium aluminum producer based in the UAE, reported that the company’s net profit in 2024 decreased by 23.5% year on year to AED 2.6 billion, mainly due to an impairment charge resulted from the suspension of bauxite exports from its operations in Guinea and the introduction of a 9% corporate tax in the UAE effective January 2024.

In 2024, the company’s adjusted earnings before interest, tax, depreciation, and amortization (adjusted EBITDA) were AED 9.2 billion, up by 19% year on year, owing to higher aluminum and bauxite prices, along with record-high production of alumina and aluminum. However, these gains were partially offset by higher alumina costs and reduced bauxite production.

Meanwhile, EGA's alumina production reached a record 2.54 million tons, meeting 49% of the company's alumina needs, while aluminum production also hit a new peak of 2.69 million tons. The company continues to seek a resolution with the Guinean government to resume bauxite mining and exports, ensuring stable raw material supplies for its operations.