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Aluminium and hydropower producer EN+ reported a jump in core earnings in the first half of the year as revenue was boosted by rising aluminium prices and demand for the commodities.
For the six-month period ended 30 June 2021, In 1H 2021, adjusted earnings before interest, taxes, depreciation, and amortisation, or EBITDA, increased to $1,890 million from $756 million year-on-year as revenue increased by 31.5% $6,506 million.
The rise in revenue was driven by a 41.0% year-on-year increase in London Metal Exchange aluminium prices, as well as a 5.8% increase in sales of aluminium and a 12.0% increase in electricity production.
Aluminium production was broadly unchanged, totalling 1,868,000 tonnes, while sales of value-added products increased 28.6%.
Electricity production increased 12.0% and hydro power output increased by 15.3%.
Looking ahead, the company said its financial results in the second half of 2021 will be 'significantly impacted by the introduction of new export taxes by the Russian government and cannot be immune to continuing global uncertainty, but the long term outlook remains robust.'