RO aluminium smelter Alro posts 2020 profit on EU-ETS subsidies
Alro Group, the only aluminum producer in Romania and one of the largest in Europe, controlled by Russian group Vimetco, achieved in 2020 a consolidated net profit of RON 329 million (EUR 67.5 mln), compared to losses of RON 44.5 mln in…
Andrei Chirileasa · Journalist
· Updated · 1 min read
Alro Group, the only aluminum producer in Romania and one of the largest in Europe, controlled by Russian group Vimetco, achieved in 2020 a consolidated net profit of RON 329 million (EUR 67.5 mln), compared to losses of RON 44.5 mln in 2019.
The group's bottom line improvement was prompted by the disbursement of EU-ETS subsidies worth RON 647 mln (EUR 133 mln).
In 2020, "other operating revenues" account include the subsidy of RON 647 mln (no such subsidy disbursed in 2019) registered by the Alro Group as compensation for higher energy costs under the EU legislation through the EU-ETS scheme for 2019 and 2020.
Meanwhile, the group's turnover decreased by 9% compared to 2019, to RON 2.51 billion (EUR 515 mln).
Alro group has a market capitalization of RON 1.93 bln (EUR 396 mln), and its shares rose by 20% year-to-date, including the 3.45% increase on February 26 when the company released its 2020 preliminary financial results.
(Photo courtesy of the company)
