On Friday morning, industrial giant Hydro presented its quarterly report for the second quarter. It shows that the company has almost doubled its income. From NOK 34.6 billion in the second quarter of 2021 to NOK 64.8 billion this year. CEO Hilde Merete Aasheim explains the results with “good market conditions and high demand for green aluminum products”. She announced at the same time that the company will distribute more than NOK 3 billion to shareholders. In response, the share price rose by 5.2 percent on Friday morning. news has previously written that Hydro will establish a pilot plant for the production of carbon-free aluminum by 2030. – It is very nice to be able to present such figures, says Wenche Eldegard, who is the plant manager at Hydro Årdal. The aluminum factory in the heart of the Sognefjord could show a surplus before interest, tax and depreciation of a record high NOK 912 million for the second quarter of 2022. Parts of the income were nevertheless offset by higher fixed costs and increased raw material costs. – Such results create room for maneuver in an uneasy world situation, says Eldegard, and points out that there are all signs of lower aluminum prices. CEO Hilde Merete Aasheim explains the results with “good market conditions and high demand for green aluminum products”. Photo: Lise Åserud / NTB “Putin’s trump card” in the geopolitical game Metal and mineral have been called the forgotten factor and “Putin’s trump card” in the geopolitical game between the West and Russia. Further out in the Sognefjord, in the industrial town of Høyanger, Hydro CEO Arne Martin Kjærland tells of their strongest result ever (NOK 305 million before interest, tax and depreciation). – The market for rolling blocks is strong throughout the entire period and we have full order books, he explains. The factory manager has nevertheless begun to prepare for demanding times. – We see that there may be a shortage of power in Norway within a few years. The challenges are reinforced by the energy prices we see in Europe. We are therefore completely dependent on investments already being made in the development of renewable energy, such as wind power and hydropower, he says. – It is absolutely necessary to get new, good power projects underway Hydro has previously said that they will list the renewable company Hydro Rein on the stock market during 2022. “Against the background of uncertainty in the capital market”, Hydro gave a new signal on Friday morning. Factory managers in Sunndal and Husnes point to the same uncertainty. – To ensure activity in the future, it is important that we have access to enough renewable power at competitive prices. It is absolutely essential to get new, good power projects under way. Both hydropower, offshore wind and also wind power on land where there is local support, says factory manager at Hydro Sunndal, Roar Ørsund.
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Norsk Hydro has almost doubled its income – news Vestland
