The Aluminum Corp. of China, the largest state-run aluminum company in China, said it expects profits in 2017 to rise 10-fold compared with the year before, giving the company its best results in a decade.
The announcement, reported by Reuters News, said the company did not provide specific figures. The giant aluminum producer reported operational profits of RMB 1.9 billion ($297 million, based on current exchange rates) in 2016.
Chinalco also said it expected to report that revenue increased 17.5 percent to more than RMB 310 billion ($48.4 billion) as all business segments were profitable last year.
The company's stock jumped about 10 percent on Friday and nearly 1 percent today to close at $18.82 per share.
A year ago, Chinalco said that it would work to slash debt and costs during 2017 by closing unprofitable units and placing its focus on mineral-rich regions. Aluminum prices also helped as the price of the metal climbed roughly 20 percent last year.
Last week, the government reported that China's aluminum production climbed to its highest level in December, reversing five months of decline, with Chinalco leading the way. The increase capped off a year that saw aluminum production reach a record 32.3 million tons, an increase of 1.6 percent from the year before.
Further, Chinalco also said its debt-to-asset ratio last year fell more than 20 percent and was now below the average of state-owned enterprises in China, Reuters said.