9.2 billion dirhams in profits for Emirates Global Aluminum in 2024
Emirates Global Aluminium's profits
Emirates Global Aluminum said, on Wednesday, that adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 19.5 percent to reach 9.2 billion dirhams, compared to 7.7 billion dirhams that it had recorded in 2023, due to the rise in aluminum and bauxite prices with the production of alumina and aluminum reaching record levels, which was partially compensated by the rise in alumina prices and the decrease in bauxite production.
But the annual net profit for 2024 fell by 23.5 percent due to the decline in the value of its unit in Guinea after suspending exports from it and imposing a corporate tax in the Emirates.
The company added that net profit for last year amounted to 2.6 billion dirhams ($707.95 million), compared to 3.4 billion dirhams in 2023.
The UAE imposed a corporate tax of nine percent of profits, starting from January 1, 2024.
The company said that fluctuations in aluminum prices are expected to continue in 2025 due to global trade disruptions. US President Donald Trump imposed customs duties of 25 percent on all steel and aluminum imports to the United States, which is an essential market for the company.
Emirates Global Aluminum is equally owned by Mubadala Investment Company and the Investment Corporation of Dubai, according to Reuters.
The company said in October that the government of Guinea had halted bauxite exports from its unit there (Guinea Alumina Corporation).
The company said on Wednesday that the moratorium caused bauxite exports to decline from 14.1 million wet metric tons in 2023 to 10.8 million wet metric tons in 2024. As a result, the company recorded a decrease in the book value of Guinea Alumina Corporation at the end of the year by 1.8 billion dirhams.
Abdul Nasser bin Kalban, CEO of Emirates Global Aluminium, said in a statement, “We are continuing our efforts to reach a solution with the government to resume bauxite extraction and export. At the same time, we are keen to take all necessary measures to maintain the stability of our supply of raw materials necessary for alumina refining and smelting operations.”
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