United Company RUSAL, International Public Joint-Stock Company (486) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was $5,695 million, down 4.2% year-over-year, but net profit rose 34.5% to $565 million, with adjusted EBITDA up 171% to $786 million and margin improving to 13.8% from 4.9%.

• Aluminium production increased 2.3% to 1.957 million tonnes, alumina output rose 18.9% to 2.995 million tonnes, and bauxite production grew 17.6% to 7.94 million tonnes.

• The company maintained a focus on modernization, environmental initiatives, and market diversification, including record deliveries to China and recovery in the Russian market.

Financial highlights

• Net profit margin improved to 9.9% from 7.1% year-over-year; adjusted net profit margin rose to 7.8% from 5.3%.

• Recurring net profit reached $620 million, up 17.6% year-over-year.

• Total assets increased to $22,032 million, total equity to $11,963 million, and net debt to $6,365 million as of June 30, 2024.

• Gross profit margin rose to 23.0% from 12.2% year-over-year.

• Gearing ratio improved to 34.9% from 36.6% at year-end 2023; return on equity was 4.7% (up from 3.7%).

Outlook and guidance

• Management expects aluminium premiums to continue growing in H2 2024 amid demand recovery and supply uncertainties.

• Plans to bring the first stage of the Taishet Aluminium Smelter to full capacity by year-end.

• Ongoing investments in AI, energy efficiency, and low-carbon aluminium production.