• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Does Toyota Know Something That We Don’t?
  • 5 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 1 day America should go after China but it should be done in a wise way.
  • 5 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 4 days China is using Chinese Names of Cities on their Border with Russia.
  • 5 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 4 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 10 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 5 days Putin and Xi Bet on the Global South
  • 5 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 6 days United States LNG Exports Reach Third Place
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Breaking News:

U.S. Crude Oil, Gasoline Inventories Boom

City A.M

City A.M

CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…

More Info

Premium Content

En+ Sees $6.5 Billion Revenue Boost On Commodity Price Surge

Energy and metals group En+ has reaped the benefits of the pandemic-induced commodity price surge as its revenue has jumped to $6.5bn in the past six months.

The Anglo-Russian group has seen its revenue climb 31.5 percent in the six months to 30 June, up from $4.9bn in the same period last year.

Shares jumped 4.6 percent in its early trading, up to 9.63 USD cents per share.

En+, which is the world’s largest producer of aluminium, pulled in $4.48bn from primary aluminium and alloys sales alone.

But the group also performed well in its electricity division, with sales up 21 percent from $595m to $720m.

The group’s net profit jumped alongside the price of aluminium, as the pandemic and its logistics hang-ups stoked a commodity price surge, of which mining and metal firms have firmly enjoyed.

En+ posted a $2.23bn profit in the first half of the year, up from just $20m in the turbulent first half of 2020. Meanwhile, the price of aluminium per tonne swelled by 41 percent.

The group was struck by commodity price falls last year when pandemic uncertainty rocked the industry – however, En+ and similar metals firms have since bounced back.

In June, Abu Dhabi-based sovereign investor Mubadala snapped up 2.6 percent of the group’s shares, which led to the metal firm’s free float lift, it said in a statement.

The group added that its free float was 12.5 percent by the end of June.

ADVERTISEMENT

By City AM

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News