Aluminum Giant Rusal Recorded Jump in H1 2024 Profits

SEATTLE (Scrap Monster): Rusal-one of the world’s largest aluminum producers announced results for the six-month period of the current year ended 30^th June, 2024. The company reported notable jump in profits during H1 2024.

According to company press release, its first-half adjusted net profit surged higher by 41.6%. Rusal reported increased production of aluminum, alumina and other products. The adjusted net profit for the period stood at $446 million, as compared with $315 million a year before. The shipments to China touched new record during the six-month period. The jump in profits come amid pressures on account of Western sanctions against Russia.

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Rusal's 2023 Profit Slumps on Subdued Prices, Lower Production

Rusal produced 1.96 million metric tons of primary aluminium and around 3 million tons of alumina in H1 2024, significantly higher than the corresponding half-yearly period in 2023. The aluminum production had totalled only 1.91 million metric tons in H1 2023. In contrast, the aluminum sales witnessed 2.9% decline year-on-year.

The revenue for the first six months of 2024, at $5,695 million was down by 4.2%, in comparison with $5,945 million over the same period in 2023. The revenue from aluminum and alloys sale registered decline. The drop in revenue was partially offset by cash cost reductions. The total cash cost of products sold dropped by 15.9% during the six-month period.