China Hongqiao reports record annual profit in 2020; aluminium output slightly declines
China Hongqiao Group reported record annual profits in 2020 on higher aluminium prices. The profit jumped 72.2% last year. Annual net income stood at 10.5 billion yuan ($1.62 billion) last year, according to Reuters report. Revenues came in at 86.14 billion yuan, an increase of 2.3% year-on-year
"The trend of tight supply will be maintained in the short term, and the market expects that the increase in demand for aluminium products will drive a further rise in aluminium prices," Hongqiao said.
The output of aluminium alloy products was 5.622 million tonnes in 2020, representing a drop of 0.4% from 2019. That also marked the third straight annual decline.
The Group closed some of its Shandong smelting facilities and transferred capacity to Yunnan province in 2020.
China Hongqiao Group also reported alumina sales of 6.734 million tonnes last year, up 27.6% year-on-year.
In another update, Hongqiao appointed Wen Xianjun as an independent non-executive director and Sun Dongdong as non-executive director.
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