Aluminum Corporation of China (2600) Q4 2024 earnings summary

Executive summary

• Revenue reached RMB237.07 billion for 2024, up 5.21% year-over-year, with net profit attributable to shareholders at RMB12.40 billion, an 85.38% increase compared to 2023.

• Gross profit rose 28.97% to RMB35.53 billion, and basic EPS was RMB0.723, up from RMB0.390 in 2023.

• Operating cash flow increased 21.27% to RMB32.56 billion, and return on equity improved to 19.26%.

• The company achieved its best historical performance, driven by optimized production, cost control, and high market demand.

Financial highlights

• Net profit attributable to shareholders: RMB12.40 billion, up 85.38% year-over-year.

• Revenue: RMB237.07 billion, up 5.21% year-over-year.

• Gross profit: RMB35.53 billion, up 28.97% year-over-year.

• Operating profit: RMB22.32 billion; net cash from operating activities: RMB32.81 billion.

• Gearing ratio decreased to 48.10% from 53.27% at end-2023.

Outlook and guidance

• 2025 is the final year of the 14th Five Year Plan; focus remains on extreme management, cost reduction, and high-quality development.

• Plans to expand resource supply, accelerate new energy projects, and enhance digital and technological innovation.

• Domestic alumina supply expected to shift from shortage to surplus in 2025; electrolytic aluminum market to remain in tight balance.