ALRO, one of the largest vertically integrated aluminium producers in Europe, measured by production capacity, announces its consolidated and separate financial results for the six months ended 30 June 2024. The Group’s turnover increased to RON 1.697 billion in H1 2024, compared to RON 1.559 billion in H1 2023, as a result of improved LME quotations and higher sales of value-added aluminium products. The Group registered a net profit of RON 8.4 million in H1 2024, compared to a net loss of RON 164 million in H1 2023.
“The investments we made in technology, operational efficiency, portfolio diversification and capturing new markets helped us even better capitalise the upturn that the aluminium market registered in the first six months of this year, with direct effect on the final result. Our focus on portfolio diversification, with accent on high and verry high added-value products translated in a record increase of almost 60% in the production for flat rolled aluminium in the first half of this year, compared to the same period of 2023, with the entire processed aluminium production increasing by 31% during the period”, said Marian Năstase, Chairman of the Board of Directors, ALRO. “And even if the overall market evolution was positive in the first half of this year, by the end of the second quarter we witnessed a slight downturn in quotations, that persisted in the following months. That keeps us cautious and focused on further improving our operational efficiency, bearing in mind that the effects of the multiple crises we faced over the past years are still present in our day-to-day operations”, added Marian Năstase.
The Group’s consolidated sales in H1 2024 increased at RON 1.697 billion, 9% higher compared to the ones registered in H1 2023 being mainly influenced by an improved global demand of aluminium. In H1 2024, sales of aluminium products saw significant increases compared to the same period in 2023. The processed aluminium products registered a 31% growth in sales volume, while the primary aluminium products’s sales increase stood at 16%, in the first six month of this year, compared to H1 2023. This led to a net profit of RON 8.4 million, in H1 2024, compared to a net loss of RON 164 million, in H1 2023.
While the financial results improved in the first half of this year, by the end of the second quarter the international aluminium market registered a slight downturn in quotations. Moreover, the multiple crises that happened over the past years continue to show their effects on the daily operations, still impacting the energy market and resulting in price distorsions.
In this light, the Group continued its investments in diversifying the products portfolio and coming even closer to the demand of its customers, but also in improving the efficiency of its operations, and reducing the energy consumption. Thus, ALRO continued to reline the electrolysis pots with AP12LE technology, commissioning another 21 pots in the first half of 2024 and put into operation a processing line for customized cut-to-size aluminum plates, processed according to the exact specifications of the customers.
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