En+ records Q-o-Q increase in revenue in Q2 2019 on improved aluminium sales; Revenue in H1 remains down

En+ Group, a leading vertically integrated producer of aluminium and electricity, announced in its financial results that the revenue in the first half of the year decreased by 5.4 per cent to US$5.8 billion, compared to the same period last year. Adjusted EBITDA decreased by 30 per cent to US$1.2 billion year-on-year, while the net debt remained unchanged amounted to US$11.3 billion, as of June 30, 2019.

En+ Group also revealed the results of the second quarter of 2019, where it said that revenue grew from US$2.8 billion in Q1 2019 to US$3 billion. The key factor for this quarterly growth in revenue was an increase in aluminium sales volume, according to the company. Energy segment showed good operating results and net growth profits in US dollars. Volumes of sales of the metallurgical segment rose significantly despite a fall of more than 17 per cent in aluminium prices on LME in the first half of the year due to trade war between the US and China.

EBITDA in the second quarter also recovered and increased by 4.7 per cent to US$606 million from US$579 million in Q1 2019.

The board said the company is confident to continue moving in the positive direction in the second half of 2019 as well. 

EN+ was one of three companies linked with Russian oligarch Oleg Deripaska that had to face sanctions from the US treasury. On January 27, the sanctions were lifted and then onwards the company started providing consistent improvements to the operating activities.

In the whole of 2019, the company is about to fund US$90 million for various development projects, including BEMO and Taishet.