Aluminium expo  | CHINALCO Profits Continue to Rise in the First Three Quarters

According to the Shanghai Stock Exchange news on China Securities Network, on October 25, Aluminum Corporation of China (hereinafter referred to as "CHINALCO") released its third-quarter performance report for 2023. The report shows that in the first three quarters of 2023, CHINALCO achieved operating revenue of 1,884 billion yuan, a total profit of 110.59 billion yuan, a net profit of 92 billion yuan, and a net profit attributable to the parent company of 53.52 billion yuan. In the first three quarters of this year, the net profit attributable to the parent company of CHINALCO has already surpassed the 41.92 billion yuan in 2022. Despite adverse factors such as fluctuating market prices and localized production and power restrictions leading to reduced output, CHINALCO has continued to grow its performance, relying on its leading cost competitiveness and industrial chain advantages.

Information from the aluminium expo indicates that domestic aluminum market prices have been increasingly volatile this year, posing continuous challenges to business operations. In the second half of the year, China Aluminum has fully capitalized on the recovery of aluminum oxide and electrolytic aluminium markets, leveraging its full industrial chain advantage, ensuring stable and optimized production of its main products, and expanding its profitability. Data shows that the third-quarter production of refined aluminum oxide and electrolytic aluminium increased compared to the second quarter. The third-quarter operating profit exceeded the progress target, with a non-GAAP net profit growth of 10.76% year-on-year, further consolidating its industry-leading position.

At the same time, China Aluminum has leveraged its advantages in the upstream mineral resources field and formulated multiple policies to ensure a continuous increase in ore extraction. China Aluminum's Guinea Boffa project exceeded 8 million tons of primary ore mining in the first half of this year, ensuring the supply capacity of high-quality ore.

On October 19, China Aluminum announced that, based on confidence in China Aluminum's future development prospects and recognition of its long-term investment value, the controlling shareholder, Chalco Group, plans to increase its holding of the company's A-shares through the Shanghai Stock Exchange trading system. The proposed increase in holdings will be no less than 250 million yuan and no more than 500 million yuan.