The Aughinish Alumina refinery in Ireland has returned to profit due to the latest alumina price hikes. Its revenue rose sharply.

This is the largest alumina refinery in Europe. It is operated by Limerick Alumina Refinery Ltd. (LARL). It is located in the Shannon Estuary. It has witnessed a sharp increase in revenue in 2024. The newly filed accounts for CY 2024 show that the company has recorded a profit of USD 119.36 million before tax. This is a remarkable turnaround for the company, as it went to a loss of USD 113.64 million in 2023. The swing shows an improvement of around USD 233 million year-on-year.

The board of directors explained that the profits returned “primarily due to higher alumina market prices”.

The refinery’s revenue increased by 50 per cent from 2023 to 2024. It was USD 583.1 million in 2023 and increased to USD 875.36 million in the next year. The strong price environment supported higher earnings despite ongoing operational and market challenges.

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The operating profit reached USD 188.26 million. This figure includes the exceptional costs of USD 27.37 million. It is mainly linked to the impairment of tangible assets worth USD 25.8 million. 

This refinery remains an important contributor to the local economy in the Midwest of Ireland. Staff costs rose from USD 52.42 million in 2023 to USD 55.4 million in 2024. Also, the remuneration of the directors increased from USD 706,000 to USD 766,000.

The company operates as a part of the wider UC Rusal group. It depends on the financial support from its parent company. The directors also stated that UC Rusal reported a profit in 2024, but the next year was not financially profitable. The group incurred a loss and increased net current liabilities.

The business continues to face challenges linked to the current global geopolitical tensions. UC Rusal and LARL are not directly targeted by the UK, EU, and US sanctions. The overall alumina market behaviour and restrictions affected the business operations.

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The directors stated that the company is impacted by the self-sanctioning from commercial partners and intermediaries. This resulted in reduced willingness among counterparties to do business with Russian entities. Such self-sanctioning activities also delay banking transactions. In fact, the directors fear that the company or its parent could be included in future sanctions packages.

Ernst & Young (EY) audited and highlighted the risks related to the company’s financial position. EY pointed to uncertainty around UC Rusal’s financial outlook. It said the factors mentioned above could raise doubts about the company’s ability to continue as a going concern.

UC Rusal accumulated a total loss of USD 240.17 million in December 2024. Its cash reserves also declined sharply from USD 85.13 million to USD 17.67 million. 

LARL changed part of its trading structure after the balance sheet development. The company entered into direct sales agreements with 3rd-party buyers in 2025. One such alumina and alumina trihydrate sales agreement included a prepayment of USD 100 million, signed in May 2025. The same agreement was extended to an additional USD 50 million in December 2025.