BRIEF: China Hongqiao profit nearly doubles in 2024
Aluminum maker China Hongqiao Group Ltd. (1378.HK) said it expects to report that its net profit for 2024 increased about 95% on higher aluminum prices, according to a positive profit alert issued by the companyon Tuesday. Hongqiao reported a profit of 11.4 billion yuan ($1.66 billion) last year, meaning it expects to report a 2024 profit of about 22.2 billion yuan.
Hongqiao said the big profit jump came as the price of aluminum alloy and alumina products both increased from a year earlier, and its sales volume of alumina products also grew. Meanwhile, costs for the company’s major raw materials, including coal and anode carbon blocks, decreased year-on-year. The company’s gross profit also increased significantly on the combination of rising products and falling costs.
The company’s shares opened up 0.35% at HK$11.88 on Wednesday.
By Lau Chi Hang
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