2024: EGA posts a 2% revenue growth aligned with record-high alumina and aluminium production

Emirates Global Aluminium (EGA), the world’s largest producer of premium aluminium, revealed its financial and operational results for 2024, showcasing increased revenue and Adjusted EBITDA, driven by higher alumina and hot metal production, cost optimisation, and increased share of value-added product sales. A notable rise in low-carbon CelestiAL aluminium production and secondary metal output was another key highlight in the results.

Financial and operational results

EGA reported that its annual revenue increased by 1.69 per cent in 2024, amounting to AED 30 billion ($8.2 billion) versus AED 29.5 billion ($8.0 billion) in 2023. The company’s Adjusted EBITDA was AED 9.2 billion ($2.5 billion), reflecting a surge of 19.48 per cent from AED 7.7 billion ($2.1 billion), attributed to higher realised all-in aluminium and bauxite prices, in addition to alumina and primary aluminium production growth.

In 2024, EGA’s alumina production reached a record high of 2.54 million tonnes, marking a 2.42 per cent increase from 2.48 million tonnes the previous year. Aluminium production also hit a new peak of 2.69 million tonnes, up from 2.66 million tonnes in 2023. The output of low-carbon celestiAL aluminium also grew over the year by 33.33 per cent from 66,000 tonnes to 80,000 tonnes in 2024, with the share of value-added products or ‘premium aluminium’ standing at 82 per cent versus 76 per cent.