Rusal’s adjusted IFRS profit fell by 53% in 2022
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In 2022, Rusal’s IFRS adjusted profit was $726 million, which is 52.8% lower than in 2021. At the same time, revenue over the past year increased by 16.5% to $13.97 billion, follows from the financial results (.pdf) published on the company’s website.
In 2022, Rusal’s sales decreased by 0.2%. Last year, the company sold 3.896 million tons of aluminum and alloys, the document says.
The company also announced that in 2022 it managed to increase production by 1.9% (to 3.84 million tons) compared to the previous year. At the same time, Rusal reported a decrease in the production of bauxite and alumina by 18% (to 12.32 million tons) and 28.3% (5.95 million tons), respectively.
In addition, the document notes that the extreme rise in prices for energy and raw materials, together with the strengthening of the ruble and the complication of logistics, led to an increase in the cost of aluminum production by 31.8%, to $2,190 per ton.
In April the EU imposed sanctions against the founder of “Rusal” Oleg Deripaska. At the same time, aluminum exports to Europe continued to grow. February 24 of the current year USA introduced 200% import duty on aluminum and aluminum products from Russia. According to analysts, Rusal will be able to redirect small volumes that went to North America to Asian markets. China is becoming one of the main buyers of metal.
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