China's Chalco posts 85% YoY growth in net profit for 2024

Moreover, Chalco's profit before income tax hit a historical high of Yuan 22.32 billion in 2024, higher by 48.19% from the prior year, the company highlighted in its statement.

The Chinese aluminum giant, dual-listed on the Shanghai and Hong Kong stock exchanges, mainly attributed its robust business results last year to the improved capacity utilization that was achieved through strengthened operations and stringent cost management throughout the year, leading to an increase in the output of its key products including alumina and primary aluminum.  

Chalco produced 16.87 million tonnes of metallurgical-grade alumina last year, higher by 1.2% on year, of which 6.35 million tonnes were sold externally. The output of fine alumina jumped 7.75% on year to reach 4.31 million tonnes, Mysteel noted.

The company's revenue and profit from alumina products increased significantly in 2024, the annual results showed. Its operating revenue from the alumina segment totalled Yuan 74 billion, surging by 38.26% from 2023. The increase was largely attributable to the rise in both the sales price and sales volume of alumina.

Meanwhile, the alumina segment's pre-tax profit surged substantially from 2023's Yuan 1.05 billion to reach Yuan 11.69 billion in 2024, as a result of its increased alumina production and higher sales prices. 

For primary aluminum, the output last year also jumped by 12.08% on year to reach 7.61 million tonnes, with 7.6 million tonnes or 99.87% sold externally, up by 11.76% from 2023, the report showed.

In 2024, Chalco's primary aluminum segment's revenue rose by 8.6% on year to Yuan 136.4 billion, primarily driven by the increase in the sales price of this product, while the segment's pre-tax profit declined by 20.3% on year to Yuan 8.97 billion largely due to higher raw material costs.

Written by Iris Pang, pangjunyu@mysteel.com

Edited by Alyssa Ren, rentingting@mysteel.com