Norsk Hydro ASA has reported the first-quarter results of 2021, revealing that its revenue stood at NOK 31,951 million, an increase of 7 per cent quarter-on-quarter from NOK 29,823 million and 1 per cent year-on-year from NOK 31,609 million. Adjusted EBITDA grew 53 per cent from the previous quarter and 37 per cent from the year-ago to NOK 5,182 million.
Hydro’s bauxite production totalled 2.813 million tonnes in Q1 2021, up 10 per cent from 2.556 million tonnes in Q4 2020 and 9 per cent from 2.585 million tonnes in Q1 2020. The company’s alumina output came in at 1.540 million tonnes, an improvement of 9 per cent from 1.410 million tonnes in Q4 2020 and 1 per cent from 1.531 million tonnes in Q1 2020.
Adjusted EBITDA from bauxite and alumina jumped 70 per cent Q-o-Q from NOK 587 million to NOK 999 million in Q1 2021. However, on a year-on-year calculation, the EBITDA from bauxite and alumina in Q1 2021 decreased 9 per cent from NOK 1,102 million.
Realized alumina price stood at US$ 294 per tonne in Q1 2021, growing by 8 per cent from US$ 272 per tonne in Q4 2020 and 6 per cent from US$ 278 per tonne in Q1 2020.
Hydro addressed the effects of the Covid-19 pandemic on its operations and communities around the world. President and CEO Hilde Merete Aasheim said, “Our top priority has been the health and safety of our people and the communities where we operate. Covid-19 initiatives have been implemented in our operations globally to support employees and prevent infections. In Brazil, Hydro has also provided support to the local communities in their efforts to handle the pandemic.”
The company has mentioned in its Q1 results that it signed a Memorandum of Understanding (MoU) with New Fortress Energy (NFE) with the aim to replace a major part of its current fuel oil consumption at the Hydro Alunorte alumina refinery in Brazil with more environment-friendly natural gas.
Hydro’s net income from continuing operations amounted to NOK 1,880 million in the first quarter.
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