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

Executive summary

• Revenue for H1 2024 was $5,695M, down 4.2% year-over-year, but net profit rose 34.5% to $565M, with significant margin improvements.

• Adjusted EBITDA surged 171% to $786M, and recurring net profit increased 17.6% to $620M.

• Aluminium production grew 2.3% to 1.96M tonnes, alumina output rose 18.9%, and bauxite production increased 17.6%.

• The company advanced its green aluminium initiatives, achieving 100% low-carbon production and registering major climate projects.

• Announced unaudited interim results for the six months ended 30 June 2024.

Financial highlights

• Gross profit rose to $1,310M (23.0% margin) from $728M (12.2%) year-over-year.

• Adjusted EBITDA margin improved to 13.8% from 4.9% year-over-year.

• Net debt increased to $6,365M from $5,779M at year-end 2023.

• Return on equity was 4.7%, up from 3.7% a year earlier.

• Interest coverage ratio improved to 9.0 from 2.8 year-over-year.

Outlook and guidance

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

• Plans to bring Taishet Aluminium Smelter to full capacity by year-end.

• Ongoing investments in AI, recycling, and energy efficiency to support long-term growth.