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Romco Group Announces Q3 2021 Trading Update

·1-min read

Over 5,000 metric tonnes recycled for the first time, with quarterly revenue reaching a record-breaking US$9.1 million and positive EBITDA for the fifth successive quarter

Romco seeks to reduce global dependence on mining by recycling metal to provide a sustainable means of meeting the 50% increase in demand for aluminium by 2050

LONDON & LAGOS, Nigeria, December 01, 2021--(BUSINESS WIRE)--Romco Group (the "Company"), a growing international recycling commodities company producing sustainable essential metals, today announces record operational results for the third quarter of 2021.

Romco Group CEO, Raymond Onovwigun, commented: "The market for green aluminium and green copper is booming. We’ve always known the work is vital – now we know it’s good economics. Barely five years into our journey, we are starting to benefit from the growth of a recycling platform that enables us to capture tremendous growth opportunities in metals recycling. Production is up 220%, and both revenues and EBITDA are up 233%.

"We are operating from a unique strength of purpose and sustainability. We are passionate about transforming how metal is produced and we are able to tap into growing demand for aluminium and copper. We see further significant opportunities in capital efficiencies. Two new copper induction furnaces are being installed, new sites are being explored, and a range of new metals are being tested as we capitalise on the opportunity to be a leader of processing and trading of secondary materials in our region."

Q3 2021 Key Highlights:

  • Combined metals inputs of 5,257 mt* (up 220% y-o-y);

  • Revenue of $9.1 million (up 233% y-o-y);

  • Production of Tense (Mixed Aluminium Castings) of 3,359 mt* (up 220% y-o-y);

  • Production of Tense / High Zn of 432 mt* (up 220% y-o-y);

  • 4 of 5 furnaces switched to Compressed Natural Gas (CNG) fuel, the lowest emitting fossil fuel that uses less than 95% of the CO2 used in the primary production of aluminium;

  • Total Energy Output of 1,866 mWh, versus 36,542 mWh for primary produced equivalent;

  • Generated CO2 Emissions Savings of 9,908 mtCO2 over primary production in Q3;

  • £3.8 million deployed by Romco’s Small Business Buying Program, a loan vehicle for local trade merchants, sole traders, and scrap suppliers to grow their recycling business by employing hundreds of workers alongside Romco to meet the global decarbonisation challenge.

*Metric tonne

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Mark Walter / Tim McCall
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George Cole

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