The filings by Limerick Alumina Refining Ltd (LARL), which operates the largest alumina refinery in Europe, show pre-tax profits of $119.36m (€103.4m), with revenues up 50pc from $583.1m to $875.36m in 2024.
It followed pre-tax losses of $113.64m in 2023, a positive swing of $233m.
Underlining the contribution Aughinish Alumina makes to the mid-west region, staff costs in 2024 increased from $52.42m to $55.4m. Aggregate pay to directors increased from $706,000 to $766,000.
The directors say that due to its trading structure, the company is reliant on the financial support from its parent UC Rusal. While the 2024 financial statements for UC Rusal record a profit and net current assets, its 2025 financial statements recorded a loss and net current liabilities.
Neither Aughinish Alumina nor UC Rusal are subject to UK, EU or US sanctions that were put in place after Russia’s invasion of Ukraine, and designed to limit its military capabilities.
Earlier this week Taoiseach Micheál Martin said he was “concerned” about media reports that raw materials produced at Aughinish Alumina were ultimately supplying “the Russian war effort”.
It was claimed that alumina supplied by the Aughinish plant was used to make aluminium that was then sold to a trading company, ASK, that in turn supplies Russian arms manufacturers.
In response to the allegation, Aughinish Alumina said it operates “in strict compliance with all applicable EU laws, including sanctions, export control measures and trade regulations” and it has “implemented a robust sanctions compliance and due diligence framework covering its entire supply chain”.
The newly filed accounts say that the business of UC Rusal, and by extension its wholly owned subsidiary Aughinish Alumina Limited, is negatively affected by sanctions on other entities and sectors, and by decisions made by other companies not to deal with Russian-owned businesses.
The directors say this includes delays in the processing of transactions by banks, and it remains a principal concern that the company or its parent may be designated under a future sanctions package by the US, EU or UK.
Commenting on the firm’s going-concern status, auditors EY point to UC Rusal’s own audit report which contain a material uncertainty.
EY state that these events and conditions, together with the matters described in the LARL financial statements, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.
At the end of last December, accumulated losses at the company totalled $240.17m. Cash funds reduced sharply from $85.13m to $17.67m.
In a post-balance sheet event, the directors state that in a change from the previous contractual/trading arrangements, LARL entered into direct alumina sales contracts with a number of third-party purchasers in 2025.
Specifically, last May, in relation to one of the third-party sales contracts which LARL entered into, the sales contract provides for the supply of alumina in respect of which a prepayment of $100m was received. This was extended in December 2025 by an additional $50m under the same terms.
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