The revenue of the En+ Group metallurgical segment for the first half of 2022 increased by 31.3% to $7.15 billion from $5.45 billion a year earlier. Revenue from the sale of primary aluminum and alloys increased by 29.7% to $5.9 billion, from the sale of alumina - by 8.3% to $299 million. This was announced by the company.
The volume of aluminum production increased by 1.2% and amounted to 1.89 million tons. Alumina output decreased by 19.6% and amounted to 3.3 million tons. Bauxite output decreased by 11.8% to 6.74 million tons.
The Company reported that the ban of the Australian government on the export of alumina and bauxite to Russia and the temporary suspension of production at the Mykolaiv Alumina Plant LLC in connection with the events in Ukraine negatively affected the availability of raw materials for aluminum production and led to an increase in the Group's costs.
It is also reported that logistics difficulties force the Group to rebuild supply and sales chains and may lead to additional costs. The Group may have difficulties with the supply of equipment and, as a result, it is possible to postpone the implementation of some investment projects and modernization programs.
En+ Group is a leading vertically integrated producer of aluminum and electricity. The company combines electric generating assets with an installed capacity of 19.5 GW (including 15.1 GW of hydropower assets) and aluminum production with an annual capacity of 4.2 million tons (through a controlling stake in UC RUSAL, the world's largest producer of primary aluminum outside China in 2021), which are the main consumer of En+ Group hydroelectric power.
EN+ Group's net profit for the first half of 2022 decreased by 19.3% to $1.8 billion from $2.23 billion a year earlier. Revenue increased by 27.9% to $8.3 billion from $6.5 billion, adjusted EBITDA increased by 25.8% to $2.38 billion from $1.89 billion.
