UAE's EGA reports lower net profit on bauxite suspension from Guinea, UAE taxes
Emirates Global Aluminium (EGA) on Wednesday reported a 23.5% decline in annual net profit for 2024 due to an impairment charge following the suspension of exports from its operations in Guinea and the introduction of a corporate tax in the United Arab Emirates (UAE). The UAE-based supplier of mined ore said profits for last year was 2.6-billion dirhams ($707.95-million) in 2024, compared with 3.4-billion dirhams in 2023. The UAE introduced a corporate tax at 9% of profit from January 1, 2024.
Emirates Global Aluminium (EGA) on Wednesday reported a 23.5% decline in annual net profit for 2024 due to an impairment charge following the suspension of exports from its operations in Guinea and the introduction of a corporate tax in the United Arab Emirates (UAE). The UAE-based supplier of mined ore said profits for last year was 2.6-billion dirhams ($707.95-million) in 2024, compared with 3.4-billion dirhams in 2023. The UAE introduced a corporate tax at 9% of profit from January 1, 2024.
