Alba okays US$97.9m cash dividend

Manama : Aluminium Bahrain (Alba) will distribute a total cash dividend of  BD36.8 million (US$ 97.9 million) for the fiscal year 2017. 

This is equivalent to 26 per cent of the nominal value of the Company’s shares (excluding treasury shares) - which is 26 fils per share. 

The dividends are payable from Wednesday, March 21, 2018, to Alba’s shareholders of record as of 7 March 2018. 

The decision was taken during the company’s General Meeting (AGM) held yesterday at Al Dana Hall, Alba, Askar, yesterday

Approval was also given to the Directors’ remuneration for the fiscal year of 2017 as well as the transfer of BD25.2 million to Retained Earnings. 

Approval was given to the minutes of the Previous Ordinary General Meeting, which was held on 21 March 2017. The Report of the Board of Directors for the fiscal year of 2017 was discussed and approved while the Auditors’ Report for the year ended 31 December 2017 was reviewed during this meeting.

At the AGM, Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said: “Alba had an exceptional finish in 2017 on multiple fronts - Safety, Productivity and Financial Performance. We were also able to transform challenges into opportunities with our resilience, determination and teamwork. As we progress in 2018, we look forward to Alba’s transformation into the largest smelter in the world with the completion of our landmark project, Line 6 Expansion Project.”

Addressing the AGM, Chairman of Alba Board of Directors, Shaikh Daij bin Salman bin Daij Al Khalifa, said  “With the remarkable appreciation in the LME prices (23pc YoY), Alba’s Total Sales reached BD 857.8 million (US$ 2.3 billion), up by 28pc YoY, while Alba’s EBITDA reached BD 160 million (US$ 425 million) due to the Company’s focused approach on its operations. Alba’s Net Income in 2017 was up by 91pc YoY to reach BD 92.5 million (US$ 245.9 million).”

Ernst & Young was approved to continue as the Company’s external auditors for 2018.