- Aurubis on course for annual targets
Higher prices for copper and sulfuric acid provided a tailwind for Aurubis in the third quarter of business. Additionally, the company continues to benefit from declining energy prices. However, this is offset by high costs for a maintenance shutdown in Hamburg. The outgoing CEO, Roland Harings, confirmed the annual profit target on Monday.
In the third quarter ended June, the copper company quadrupled its operating EBIT to 90 million euros, with revenue up 13% to nearly 4.7 billion euros. Net income was 73 million euros, compared to 16 million euros last year. However, the previous year's profit was significantly reduced due to several fraud and theft cases.
The copper company had previously been a victim of criminals who caused hundreds of millions in losses in the previous fiscal year. This included manipulations in determining metal contents in recycling materials and a high shortage of precious metals. In early 2024, Aurubis announced the replacement of almost the entire board. From September, Toralf Haag will lead the company, and Steffen Alexander Hoffmann will take over the finance department from October.
Aurubis' increased earnings can be attributed in part to the high quality of its raw materials, sourced effectively for manufacturing. Despite the maintenance shutdown in Hamburg incurring additional costs, the company still managed to increase its revenue due to the availability and affordability of raw materials.
