Vale Registers R $ 30.5 Billion in Net Profit in the First Quarter of 2021
Advance in results was over 3,000% and surprised the market. In the same period last year, the mining company reported gains of R $ 984 million.
Vale reported on Monday (26) that it recorded net income of R $ 30.5 billion in the first quarter of 2021. In the same period last year, the mining company reported gains of R $ 984 million. Advance in the result was over 3,000%.
In 2020, the company had a profit of R $ 26.7 billion.
Vale’s ore production and sales grow more than 14% with firm demand from China
The company’s adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) was R $ 45.74 billion, in the first quarter of 2021, against a result of R $ 12.9 billion in the same interval of 2020.
Net revenue more than doubled (121.8%): from R $ 31.3 billion between January and March 2020 to R $ 69.3 billion in the same period this year.
The mining company’s result was driven by an increase in iron ore production and an increase in the price of the commodity in the foreign market.
Iron ore and steel rise in China with increased use of metals in industry
According to Vale, the average price was US $ 166.9 per ton in the first three months of this year, 25% higher than the fourth quarter of 2020.