Norsk Hydro ASA said Feb. 16 that its net earnings in the fourth quarter of 2017 more than tripled year over year to 3.60 billion Norwegian kroner, or 1.71 kroner per share, from 1.01 billion kroner, or 48 øre per share, a year ago.
EBITDA rose 82% to 6.48 billion kroner as a result of higher realized alumina and aluminum prices that were partly offset by higher raw material prices and fixed costs.
Realized aluminum prices increased 27% on a yearly basis to US$2,092 per tonne.
Revenue in the quarter shot up 83% to 38.80 billion kroner.
Production was relatively steady on a yearly basis, with bauxite production at 3.0 million tonnes, alumina production at 1.7 million tonnes and primary aluminum production at 528,000 tonnes.
For full-year 2017, net profit rose to 9.18 billion kroner, or 4.30 kroner per share, from 6.59 billion kroner, or 3.13 kroner per share, in 2016.
Production in the full year was also steady, with bauxite output at 11.4 million tonnes, alumina production at 6.4 million tonnes and primary aluminum production at 2.1 million tonnes.
On the back of its positive results in 2017, the company said in a separate, same-day statement that it hiked its dividend for 2017 to 1.75 kroner from 1.25 kroner in 2016.
As of Feb. 15, US$1 was equivalent to 7.80 Norwegian kroner.