Emirates Global Aluminium (EGA), backed by Mubadala and the Investment Corporation of Dubai, reported a 23.5% y-o-y drop in net income to AED 2.6 bn in 2024, according to its latest earnings release issued on Wednesday. The company recorded a 3% rise in revenue to AED 30.4 bn during the period.

Behind the numbers: The net income decline was primarily driven by the suspension of bauxite exports from its Guinea Alumina Corporation (GAC) subsidiary after the Guinean government halted shipments in October 2024. This led to a reduction in bauxite exports to 10.8 mn in 2024, down from 14.1 mn wet metric tonnes in 2023. The introduction of a 9% corporate tax in the UAE at the start of 2024 also impacted earnings. Meanwhile, the rise in revenues was driven by higher aluminum prices, record hot metal and alumina production, and growing sales.

Looking ahead: EGA expects aluminum price volatility to persist in 2025 amid global trade tensions, particularly after the recent US tariffs on the metal.

EGA had a busy year: The company acquired an 80% stake in Minnesota-based Spectro Alloys in October. It also completed a full acquisition of German aluminum recycling company Leichtmetall Aluminum Giesserei from Leichtmetall Holding in May.

On the decarbonization front: The company is developing the UAE’s largest aluminiumrecycling facility in Al Taweelah, with a planned capacity of 170k tonnes per year starting early 2026. EGA is also piloting its next-gen EX smelting technology, designed to cut greenhouse gas emissions by up to 12%, with the first hot metal from the pilot expected in mid-2025.

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