Alba reports Q4 and 12 months profit, announces cash dividend

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Aluminium Bahrain (Alba), one of the world’s largest aluminium smelters, announced fourth quarter and full year 2023 profit, which it said were driven by lower LME prices.

Top-line and bottom-line were influenced by lower LME prices (down by 5.8% YoY in Q4 2023 and down by 16.8% YoY for the 12 months of 2023) and lower premiums (down by 34.1% YoY in Q4 2023 and down by 35.3% YoY for the 12 months of 2023).

Further, the Board recommended the distribution of cash dividend for the year ended 31 December 2023 to the shareholders whose names are registered on the Company’s register on the Record Date.

Cash Dividend: 29.18% of share nominal value, equivalent to Fils 29.18 per share amounting to BD41,314,159 (the proposed annual cash dividend includes the Interim Dividend of Fils 13.28 per share which was already distributed to the shareholders by 31 August 2023).

Q4 results

Fourth quarter profit was BD23.4 million (US$62.2m), down by 40.7% Year-over-Year (YoY) versus a profit of BD39.4m (US$104.9m) for the same period in 2022.

Earnings per Share was Fils 17 for Q4 2023 compared to Fils 28 for the same period in 2022. Total comprehensive income stood at BD6.2m (US$16.5m) versus BD24.4m (US$64.7m) – down by 74.6% YoY.

FY23 results Full-Year 2023 profit was BD118m (US$313.9m), down by 71.6% YoY, versus a profit of BD416.2m (US$1,106.8m) for 2022.

Earnings per Share was fils 83 versus fils 294 in 2022. Total comprehensive income was BD106.7m (US$283.8m), a drop of 75.8% YoY, compared to a total comprehensive income of BD440.4m (US$1,171.4m) for 2022.

Total Equity as of 31 December 2023 stood at BD1,789.2m (US$4,758.6m), down by 1.8% YoY, versus BD1,822.5m (US$4,847m) as of 31 December 2022.

Alba’s total assets as of 31 December 2023 were BD2,553.6m (US$6,791.4m) versus BD2,617.2m (US$6,960.6m) as of 31 December 2022 – a drop of 2.4%.