EN+ Group International PJSC on Thursday reported that its net profit declined 22% last year, reflecting lower aluminum prices and foreign-exchange headwinds, but said that it intends to resume dividend payments in 2021.
The Russian power and aluminum company made a net profit of $1.02 billion in 2020 down from $1.30 billion in 2019.
Despite stable aluminum production and higher electricity generation, revenue declined 12% to $10.36 billion. Adjusted earnings before interest, taxes, depreciation and amortization also fell around 12% to $1.86 billion.
EN+ said the board doesn't intend to pay a dividend in respect of 2020, but a final decision will be made in April. However, the board has the intention to resume dividends for this year.
As for 2021, the company said it expects to maintain aluminum production at 3.8 million metric tons and power output at 70-80 terawatt hour.
"Demand for primary aluminum is estimated to grow by 5%-6%, however, this remains dependent on the speed of vaccine rollouts, successful government stimulus packages and the ability to contain future outbreaks," EN+ said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
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March 25, 2021 at 02:48PM
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EN+ profit drops 22%, intends to restate dividend - MarketWatch
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