En+ Group net profit increases 43% in Q32017 driven by positive trends in global aluminium markets

Russia’s En+ Group announced its financial and operational results for the three and nine months ended 30 September 2017.

The group produced 2,762 thousand tonnes of aluminium in the first nine months of 2017. In 3Q 2017, aluminium production increased 1.2 per cent to 931 thousand tonnes, with Siberian smelters representing 94 per cent of total aluminium production.

The Group’s net profit increased 43 per cent year-on-year to USD 350 million in Q32017. For the nine months of 2017, net profit increased 60 per cent to USD 898 million.

 In Q32017, revenue increased 17 per cent to USD 2,875 million. Revenue rose 21 per cent to USD 8,716 million in the first nine months of this year. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) grew 41 per cent to USD803 million in 3Q2017.

The total alumina production increased 3.5 per cent year-on-year to 5,782 thousand tonnes in nine months ended 30 September. “The continued increase in capacity at Russia-based refineries following the completion of upgrades earlier in 2017, as well as production growth at the Aughinish refinery as a result of the improved quality of purchased bauxites, were the key drivers of the y-o-y production increase,” it said.

Maxim Sokov, CEO of En+ Group, said: “En+ Group has demonstrated strong financial and operating performance in the third quarter and first nine months of 2017, with both our Energy and Metals segments delivering outstanding results. This growth was driven by positive trends in the global aluminium markets, our continued focus on production efficiency and supportive developments in the Russian electricity market."