Strong results and record alumina and hot metal production.
•
Building global aluminium recycling business, and laying foundations for low carbon primary growth.
•
Growing sales of CelestiAL solar aluminium.
•
Record Emiratisation rate, and metal sales to UAE customers.
•
Second consecutive year of AED 3.7 billion ($1 billion) dividend to shareholders.
•
AED 1.8 billion ($488 million) impairment of Guinea Alumina Corporation.

Emirates Global Aluminium, the largest ‘premium aluminium’ producer in the world, today announced strong financial results for 2024 and low carbon growth.
EGA delivered adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (adjusted EBITDA) of AED 9.2 billion ($2.5 billion), up from AED 7.7 billion ($2.1 billion) in 2023, due to higher realised all-in aluminium and bauxite prices and record production of alumina and aluminium, partly offset by higher alumina prices and lower bauxite production.

The safety of employees and contractors is EGA’s top priority. The total recordable injury frequency rate was the lowest ever for EGA’s UAE operations at 1.05 per million hours worked. However, tragically, a contractor lost his life in a work-related incident at EGA’s Jebel Ali site in June 2024.
Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said “I am deeply saddened that a colleague lost his life at our site during 2024, and again extend my sincere condolences to his family, friends and colleagues. We engaged an independent, third-party expert to fully investigate this incident, and we have implemented findings from the investigation across our organisation.”
The benchmark London Metal Exchange aluminium price was higher in 2024 than 2023 ($2,392 vs $2,264), due to geopolitical tensions, energy price fluctuations, and speculation on interest rate cuts. Regional premiums were volatile in 2024, and on average were higher than 2023 in Japan and in Europe, and lower in the United States. Alumina prices were also higher, on operational issues in Australia and India and supply constraints in the bauxite market including from EGA’s Guinea Alumina Corporation.
For 2025 the volatility in aluminium prices is expected to continue due to tensions in global trade, while the global balance for aluminium is expected to be a 0.5 million tonnes deficit in 2025 according to CRU, supporting prices going forward. The alumina markets are expected to normalise as more capacity is expected to come online in 2025.
Digitalisation contributed some AED 129 million ($35 million) in financial impact with 40 use cases rolled out in 2024, and has achieved AED 452 million ($123 million) in financial impact through more than 80 use cases since the programme launched in 2021. At the start of 2025, EGA was designated an Industry 4.0 global lighthouse by the World Economic Forum, the first industrial company in the UAE and the first aluminium company in the world to achieve this recognition.
On throughput, alumina production was a record 2.54 million tonnes, meeting 49 per cent of EGA’s alumina needs. Production of hot metal rose by 30 thousand tonnes to a record high of 2.69 million tonnes in 2024. Total sales of primary cast metal were 2.74 million tonnes, to 440 customers in more than 55 countries (slightly down from the record 2.75 million tonnes in 2023 due to strategic inventory build-up in global locations to ensure customer security of supply). The share of value-added products, or ‘premium aluminium’, rose from 76 per cent to 82 per cent.
Cost optimisation, higher throughput and higher value-added products sales all contributed to the aluminium segment adjusted EBITDA margin growing from 25 per cent to 27 per cent, placing EGA first amongst global industry peers.

Global demand for low carbon primary aluminium is expected to more than triple by 2040. EGA is continuing to position for growth in low carbon primary production. In 2024, production of CelestiAL solar aluminium grew by 27 per cent to 80 thousand tonnes, including eight thousand tonnes of CelestiAL-R further sweetened with recycled content. EGA’s supply agreement with the BMW group for CelestiAL was extended for the upcoming years.
Supporting EGA’s low carbon primary aluminium growth agenda, EGA and the UAE renewable energy giant Masdar formed an alliance to work together on aluminium decarbonisation and growth. EGA broke ground on pilot reduction cells for the company’s next generation EX smelting technology, which is expected to reduce greenhouse gas emissions intensity by up to 12 per cent while increasing productivity. First hot metal from the pilot reduction cells is expected before the end of the first half of 2025. In addition, EGA was the first company in the UAE to implement a digital tracking system for greenhouse gas emissions to enhance transparency and accelerate decarbonisation.
Global demand for recycled aluminium is expected to double by 2040. During 2024, EGA made material progress in the development of a global aluminium recycling business. In May, EGA completed the acquisition of Leichtmetall, a European specialty foundry focused on the production of hard alloys and large diameter billets with high proportions of secondary aluminium. Leichtmetall produced 11.7 thousand tonnes of secondary aluminium in the period from the acquisition to the end of 2024. Total annual production capacity for Leichtmetall is 30 thousand tonnes.
In September, EGA completed the acquisition of 80 per cent of Spectro Alloys, a leading secondary foundry alloy producer in the United States. Spectro Alloys produced 25.4 thousand tonnes of secondary aluminium from the acquisition to the year-end, with 70 per cent of feedstock post-consumer scrap. Spectro Alloys is implementing an expansion to add 55 thousand tonnes of annual secondary billet capacity in the first phase. Construction completion currently stands at 80 per cent, with first hot metal expected early in the second half of 2025. The expansion will take Spectro Alloy’s total production capacity to 165 thousand tonnes.
EGA is developing the UAE’s largest aluminium recycling facility, in Al Taweelah, with a production capacity of 170 thousand tonnes of secondary billet per year. Construction completion is currently 37 per cent, with first hot metal expected during the first half of 2026.
Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said “During 2024, we significantly advanced our strategy to grow in low carbon aluminium, both laying the foundations for low carbon primary expansion and taking material steps in the development of a global recycling business. With acquisitions in Germany and the United States, and progress developing the UAE’s largest recycling plant, by the end of 2024 we had 140 thousand tonnes of secondary production capacity on an annualised basis, with a further 225 thousand tonnes of secondary capacity under construction.”
In October 2024, the Government of the Republic of Guinea suspended exports of bauxite from GAC, resulting in a decline from 14.1 million wet metric tonnes of bauxite exports in 2023 to 10.8 million wet metric tonnes in 2024. As a result of this, EGA recorded an impairment on the book value of GAC at the year-end of AED 1.8 billion ($488 million).
Net profit (after the impairment on GAC) was AED 2.6 billion ($715 million) compared to AED 3.4 billion ($937 million) in 2023. The UAE introduced a corporate tax at nine per cent of profit from 1 January 2024.
Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said: “We continue to seek a resolution with the Government to resume bauxite mining and exports. In the meantime, we have taken and will continue to take all steps necessary to secure our supplies of raw materials for our alumina refining and smelting operations.”
EGA continues to support economic development in the UAE and, during 2024, sold a record 310 thousand tonnes of primary cast metal to local UAE customers, compared to 293 thousand tonnes in 2023. EGA spent some AED 8.1 billion ($2.2 billion) on procurement of goods and services from local UAE suppliers during 2024, more than 40 per cent of total procurement during 2024. In addition, at the end of 2024 EGA’s in-focus Emiratisation rate was 44.5 per cent, the highest in the company’s history. EGA’s local metal supply, procurement and employment contributes to Make it in the Emirates and the achievement of the national Operation 300bn industrial growth strategy.
Cash flow generated from operations in 2024 grew more than seven per cent to AED 8.5 billion ($2.3 billion), contributing to net debt to adjusted EBITDA of 1.5x at year-end 2024, compared to 1.8x at the end of 2023. Total debt was AED 16 billion ($4.3 billion) at the end of 2024, compared to AED 16.6 billion ($4.5 billion) at the end of 2023. During 2024, EGA made AED 1.47 billion ($400 million) of scheduled debt repayments and borrowed AED 735 million ($200 million) in green financing for the acquisition of 80 per cent of Spectro Alloys.
Strong cash flow and lower debt supported the total dividends to shareholders of AED 3.67 billion ($1 billion), equal to 2023’s dividends as the largest in EGA’s history.
Pål Kildemo, Chief Financial Officer of Emirates Global Aluminium, said: “I am proud to be joining Emirates Global Aluminium, and look forward to contributing to operational efficiency, growth in low-carbon aluminium, and continued strong cash returns to our shareholders.”