China Hongqiao Group earns 33% higher revenue in CY2021 even amid volatile COVID pandemic situation

China Hongqiao Group Co., Ltd., the world's largest aluminium producer covering the entire value chain, has published its annual results for the year ended December 31, 2021, highlighting the revenue growth of 32.9 per cent (approx.) year-on-year to RMB 114,490,941,000. At the end of 2020, Hongqiao’s revenue stood at RMB 86,144,641,000 tonnes.

In CY2021, the company derived RMB 84,312,993,000 of revenue from aluminium alloy products, accounting for approximately 73.7 per cent of the total. From aluminium fabrication and alumina, Hongqiao generated RMB 12,523,879,000 and RMB 16,966,928,000, accounting for 10.9 per cent and 14.8 per cent of the revenue.

Gross profit earned by Hongqiao Group in 2021 was up by 57.3 per cent to RMB 30,453,096,000, of which aluminium alloy products accounted for RMB 23,512,424,000, aluminium fabrication RMB 3,220,675,000, and alumina RMB 3,985,544.

Net profit attributable to shareholders of the company stood at around RMB 16,073,342,000, representing a significant increase of 53.1 per cent compared to RMB 10,495,900 in the earlier year. Basic earnings per share increased approximately 45.1 per cent Y-o-Y to stand at RMB1.7720 per share.

In the prospect of 2022, the company believes there will be a positive trend in China’s aluminium industry with a strong foundation and steadily growing demand, driven by the development in the country’s economy. But alongside, the metal industry is expected to face challenges as the pandemic remains volatile and the complex geopolitical landscape creates uncertainty in the global economy.