Rusal net profit up in 2018 despite OFAC sanctions; positive for year ahead

UC Rusal’s net profit rose by 39% year on year in 2018, despite the aluminium producer operating under trading sanctions imposed by the United States for the majority of the year, Rusal said in its results statement on Thursday March 7.

Rusal recorded a net profit of $1.689 billion compared with $1.222 billion in 2017. The company’s revenue increased by 3.1% to $10.28 billion from $9.969 billion for the same period of 2017. Rusal said the increase was partly due to the growth in the London Metal Exchange aluminium price, which increased by 7.2% in 2018. But profits were offset by a 7.2% decrease in primary aluminium and alloys sales volume and higher raw material costs. “The key achievement of the year is that despite the OFAC sanctions, the company remained highly operational, avoided any seismic personnel cuts whilst maintaining well-established multi-industrial supply chains in the countries of operation;...

Published

Alice Mason

March 07, 2019

10:38 GMT

London