
Gränges, a supplier of rolled aluminium products for heat exchanger applications, reported strong outcomes despite the challenging environment. The company reported 93 per cent sales volume in the second quarter of 2022 (2Q2022), despite the harsh COVID-19-related lockdowns in China. The net sales volume surged to SEK 6,875 million (4,609) in the second quarter of 2022.

“Nevertheless, Gränges delivered a solid result. This did not happen by accident but was the result of systematic and focused efforts. The way our team in China succeeded to manufacture and ship products throughout the extended Shanghai lockdown was especially impressive,” said Jörgen Rosengren, President and CEO of Gränges.
As a consequence, despite having lower sales volume than in the prior year, Gränges reported an adjusted operating profit of SEK 374 million, a 21% increase. The profit is the most the company witnessed in a single quarter. The improvement represents a significant forward motion.

In the first half of 2022 (1Q2022), the net sales of Gränges aluminium rose to SEK 12,955 million (8,651) despite a 3.4% decline in sales volume to 249.2 ktonnes (258.1). Adjusted operating profit rose to SEK 732 million (651) and was calculated at 2.9 kSEK per tonne (2.5).
During the second quarter of 2022 (2Q2022), adjusted operating profits rose to SEK 374 million (309), and the adjusted operating profit per tonne was 3.1 kSEK per tonne (2.4). The profit for the time period climbed to SEK 295 million (226), which includes SEK 62 million (-) in items that impact comparability. Diluted earnings per share increased to SEK 2.78 (2.12).
“We’re very proud of our sustainability performance in 2022 so far. Our relentless focus on reducing our environmental impact led to a 14 per cent reduction in the carbon emissions intensity in the quarter. This in turn depended on good progress toward creating a more circular value chain, as evidenced by a sharp increase in the share of recycled aluminium we source and use – from 27 per cent to 35 per cent. Recycling is now quite an important part of our business model, which we pursue in partnership with our customers and suppliers,” said Jörgen Rosengren.
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