News

EN+ Group International Reports Slump in Net Profit and Revenue for First Half of 2023

James L. Flint

• August 18, 2023

EN+ Group International, a leading power and aluminum company based in London and Moscow, has announced a significant decline in net profit and revenue for the first half of 2023. The company attributes this decline to mounting pressure in global markets, external restrictions, and a sharp decrease in aluminum prices.

Net Profit Plummets EN+ Group International reported a net profit of $662 million for the first half of 2023, which is a substantial decrease from $1.80 billion earned during the same period in 2022.

Adjusted Earnings Decline The company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also witnessed a notable decline. The metric, which excludes exceptional and one-off items, was reported at $1.05 billion for the first half of 2023, compared to $2.38 billion for the previous year.

Revenue Takes a Hit Revenue fell by 12.5% to $7.28 billion during the first half of 2023. This decrease can be attributed to a 24% drop in aluminum prices, partially offset by a 9.8% increase in sales volumes. In contrast, EN+ Group International's power segment experienced a 14% revenue growth, thanks to rising electricity and capacity sales prices.

Market Challenges Persist Vladimir Kiriukhin, the Chief Executive of EN+ Group International, expressed his concerns regarding the current market conditions. He stated, "Regrettably, within the current context, we don't perceive any grounds for market improvement or reduction of external pressures. We continue to meticulously analyze market dynamics and refine our approaches to fortify the company's positions."

EN+ Group International remains committed to closely monitoring market dynamics and adapting its strategies to strengthen its position in the face of ongoing challenges.