Abu Dhabi – Mubasher: Emirates Global Aluminium (EGA) announced that its earnings before interest, taxes, depreciation, and amortization (EBITDA) grew to AED 9.2 billion ($2.5 billion) last year, compared to AED 7.7 billion ($2.11 billion) in 2023.

The company's net profit reached AED 3.4 billion ($937 million) in 2024, compared to a net profit of AED 2.6 billion ($715 million) in 2023.

The company explained in a statement that its revenues increased by 1.6 percent to 30 billion dirhams ($8.2 billion) in 2024, compared to 29.5 billion dirhams ($8.0 billion) in 2023 .

The adjusted EBITDA margin for the aluminum segment increased from 25 percent to 27 percent.

Cash generated from operating activities remained strong, increasing to AED 8.5 billion ($2.3 billion) in 2024, from AED 7.9 billion ($2.2 billion) in 2023 .

The company's net debt to adjusted earnings before interest, taxes, depreciation and amortization ratio reached 1.8 times (1.5 times a year ago) .

The digital transformation contributed to achieving financial impacts estimated at approximately AED 129 million ($35 million) with the launch of 40 applications of Fourth Industrial Revolution technologies during 2024, and achieved financial impacts worth AED 452 million ($123 million) through the implementation of more than 80 applications since the program's launch in 2021.

On the production front, alumina production reached a record level of 2.54 million tonnes, meeting 49 percent of the UAE's global alumina requirements.

Molten aluminum production increased by 30,000 tonnes to a record 2.69 million tonnes in 2024, and primary cast aluminum sales totaled 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 stockpiling at global locations to ensure security of supply to customers).

The percentage of value-added products, or "high-quality aluminum," of the company's total sales rose to 82 percent, compared to 76 percent.

Cost optimization, increased productivity, and increased sales of value-added products contributed to the growth of the aluminum sector's adjusted EBITDA margin from 25 percent to 27 percent, reflecting the company's continued leadership compared to its major peers .

Emirates Global Aluminium continues to prepare for increased production of this type of aluminum. In 2024, CelestiAL solar aluminum production will increase by 27 percent to 80,000 tons, including 8,000 tons of CelestiAL-R solar-powered aluminum blended with recycled aluminum.

Primary cast aluminum sales to local customers also reached a record 310,000 tons in 2024, compared to 293,000 tons in 2023.

Emirates Global Aluminium spent approximately AED 8.1 billion ($2.2 billion) on purchasing goods and services from local suppliers in the UAE in 2024, representing more than 40 percent of its global purchases for the year.

By the end of 2024, Emirates Global Aluminium's Emiratisation rate reached 44.5 percent, the highest in the company's history.

The company's domestic mineral supplies, procurement, and job localization contribute to achieving the National Strategy for Advanced Industry and Technology (Project 300 Billion).

Cash flow from operating activities increased by more than 7 percent in 2024 to AED 8.5 billion ($2.3 billion), contributing to the company’s net debt-to-adjusted EBITDA ratio reaching 1.5 times at the end of 2024, compared to 1.8 times at the end of 2023.

The company's total debt amounted to 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 repaid AED 1.47 billion ($400 million) in rescheduled debt and borrowed AED 735 million ($200 million) in green financing to acquire an 80 percent stake in Spectro Alloys .

Strong cash flows and low debt contributed to a total dividend payment to shareholders of AED 3.67 billion (USD 1 billion), equivalent to the largest dividend payment in EGA's history for 2023 .

The recordable incident frequency rate (RIF) reached an all-time low in the company's UAE operations at 1.05 per million man-hours. However, a moving vehicle accident at EGA's Jebel Ali site claimed the life of a contractor in June 2024 .