Aluminium flagship Rusal has announced its 2018 results, which demonstrated solid figures in the company’s core business.
Revenue increased by 3.1% to USD10.3m, and the company recorded a net profit of USD1.7bn which is a 39% increase compared to the previous year. The key achievement of the year is that despite the OFAC sanctions, Rusal remained highly operational, avoided any seismic personnel cuts whilst maintaining well established multi-industrial supply chains in the countries of operation.
Commenting on the full year 2018 results, Evgenii Nikitin, CEO of Rusal, said: “Despite the OFAC sanctions, Rusal’s robust full year results demonstrated skilful crisis management alongside the ability to adapt to a new operations’ environment. It maintained its strong market position through its high managerial competence and operational flexibility. Aluminium production totalled 3.753m tonnes which is a 1.2% increase compared to the prior year. Total production dynamics remained largely stable with capacity utilization reaching 96%.”
Looking ahead into 2019 and the forthcoming years, Rusal expects aluminium demand to recover after the trade wars and supply shocks of late 2018. “Alongside forecasting markets outside China to be in heavy deficit in 2019, we are confident that Rusal is fully capable to leverage this trend,” said Nikitin.