Shareholders of Alro, the largest aluminium producer in continental Europe (excluding Russia and the Scandinavian Peninsula), have approved an investment plan of USD 61 million for this year.
The aluminium plant predicts a net profit of USD 42.8 million, with sales revenue of USD 662.9 million.
In comparison, in 2017 Alro had planned a net profit of USD 38 million and a turnover of USD 572 million.
The company’s income and expenditure budget for 2018 was approved by shareholders in a meeting on Friday.
In the first nine months of last year, Alro had a net profit of RON 223.4 million, three and a half times larger compared to the same period of the previous year (RON 63.7 million).
Revenues from sales grew in the period between January and September 2017 by 18 percent, up to RON 1.86 billion at the end of the interval.
Current debt had risen to RON 991 million at the end of September 2017, compared to RON 980.6 million on December 31, 2016, mainly due to the increase of short-term provisions and commercial debts and other debts, a normal evolution considering the increased prices of sold goods.
Alro is a subsidiary of Vimetco NV, a global primary and processed aluminium company that is vertically integrated. Alro has a capacity to produce 265,000 tonnes per year.
The main markets for the products are the EU (Germany, Hungary, Poland, Greece and Romania), as well as USA and Asia.