Tianshan Aluminum Group (002532) H1 2024 earnings summary

Executive summary

• Achieved revenue of ¥13.78 billion in H1 2024, down 6.83% year-over-year due to reduced external aluminum ingot trading.

• Net profit attributable to shareholders rose 103.45% year-over-year to ¥2.07 billion, with adjusted net profit up 168.42%.

• Significant profit growth driven by higher aluminum and alumina prices, increased production, and tax incentives.

• Maintained industry leadership in integrated aluminum production, with ongoing expansion in upstream and downstream segments.

Financial highlights

• Revenue: ¥13.78 billion, down 6.83% year-over-year.

• Net profit attributable to shareholders: ¥2.07 billion, up 103.45% year-over-year.

• Adjusted net profit: ¥1.96 billion, up 168.42% year-over-year.

• Operating cash flow: ¥2.23 billion, up 194.67% year-over-year.

• Basic and diluted EPS: ¥0.45, up 104.55% year-over-year.

• Gross margin: 21.83%, up 9.37 percentage points year-over-year.

Outlook and guidance

• Focus on expanding alumina and aluminum foil capacity, with new projects in Indonesia and Guinea progressing.

• Continued emphasis on cost control, resource integration, and downstream product development.

• No interim dividend, bonus shares, or capital increase from reserves planned for H1 2024.