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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.

By City AM

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