Norwegian aluminium maker Norsk Hydro reported record quarterly and annual profits.

This was driven by a surge in global commodities prices, and said its dividend payment for 2021 would rise more than fourfold.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 9 billion Norwegian crowns ($1 billion) in the October-December quarter from 3.4 billion a year before, while analysts on average had expected 9.31 billion crowns.

“We are pleased to report Hydro’s strongest financial results since becoming a focused aluminium and energy company in 2007, in a year that was otherwise defined by volatility and uncertainty,” Chair of the Board Dag Mejdell and President and CEO Hilde Merete Aasheim.

Revenue rose 56% year-on-year to 46.4 billion crowns, above the 42.0 billion average forecast of 14 analysts in a poll compiled by the company.

The company added: We attribute the performance to strong sales in historically strong aluminum markets and firm progress on our improvement agenda – but first and foremost we take great pride in our 31,000 employees who managed to maintain solid performance and focus during a global health crisis, they add.”