EN+ Group reports steady progress amid inflationary pressures
En+ Group, the world’s largest producer of low-carbon aluminium and independent hydropower, has reported stable operational results in its full-year trading update, amid global inflationary pressures.
Inflation has had a negative impact on manufacturing companies throughout the year, raising the prices of raw materials.
However, it has boosted the average aluminium realised price by 41 per cent year-on-year to $2,553 per tonne.
Aluminium production was broadly unchanged over 2021, totalling 3,764 kt, a slight 0.2 per cent increase.
However, its sales decreased 0.5 per cent to 3,904 kt.
By contrast, sales of value-added products increased 18.1 per cent year-on-year to 2,034 kt, representing 52 per cent of aluminium sales compared to 44 per cent in 2020.
Electricity production by the group’s power segment grew by 10 per cent year-on-year to 90.4 TWh.
The company has also gradually increased wages of the employees in the Siberian and other regions throughout the year. These factors may impact the group’s operating and capital expenditures.
Vladimir Kiriukhin, chief executive of En+ Group, said: “2021 was a successful year for En+ Group in terms of our operational performance. In both segments we saw an increase in demand for our products and this was naturally reflected in pricing.”