Nanshan Aluminium International (2610) H2 2024 earnings summary

Executive summary

• Achieved record revenue of US$1,020.7 million in FY2024, up 50.6% year-over-year, driven by higher sales volume and average selling price of alumina.

• Net profit surged 163% to US$457.4 million, with gross profit margin rising to 50.6% from 29.2% in FY2023.

• Expanded designed annual alumina production capacity to two million tons, with new projects underway to double capacity to four million tons by 2026.

• Listed on the Hong Kong Stock Exchange in March 2025, raising HK$2,220.8 million for further expansion.

Financial highlights

• Revenue increased to US$1,020.7 million (FY2023: US$677.8 million), sales volume up 13.4% to 2,158,000 tons.

• Gross profit rose to US$516.7 million (FY2023: US$197.7 million); gross margin improved to 50.6%.

• Net profit reached US$457.4 million (FY2023: US$173.5 million); basic EPS was US$0.94 (FY2023: US$0.35).

• Cash and cash equivalents increased to US$454.2 million; no borrowings as of year-end.

• Declared a US$260 million dividend, settled upon listing.

Outlook and guidance

• New Alumina Production Project to add two million tons of capacity, with first phase operational in H2 2025 and second in H2 2026.

• Plans to expand deep-water port and enhance logistics; focus on cost control, ESG investment, and talent development.

• Targets carbon peak by 2030 and carbon neutrality by 2050; energy efficiency target of ≤0.6 tons standard coal per ton by 2025.