Aluminium Bahrain (Alba), one of the world’s largest aluminium smelters, has reported a profit of BD23.4 million ($62.2 million) for the fourth quarter of 2023, down by 40.7% year-over-year (YoY) versus a profit of BD39.4 million ($104.9 million) for the same period in 2022. 

 

The company reported Basic and Diluted Earnings per share of Fils 17 for Q4 2023 versus Fils 28 for the same period in 2022. The Total Comprehensive Income for Q4 2023 stood at BD6.2 million ($16.5 million) versus Q4 of 2022 of BD24.4 million ($64.7 million) – down by 74.6% YoY. 

 

For the full year of 2023, Alba reported a profit of BD118 million ($313.9 million), down by 71.6% YoY, versus a profit of BD416.2 million ($1,106.8 million) for 2022. Alba reported Basic and Diluted Earnings per share of fils 83 versus Basic and Diluted Earnings per share of fils 294 in 2022. Alba’s Total Comprehensive Income for the year of 2023 was BD106.7 million ($283.8 million), a drop of 75.8% YoY, compared to  BD440.4 million ($1,171.4 million) for 2022.

 

Total Equity as of 31 December 2023 stood at BD1,789.2 million ($4,758.6 million), down by 1.8% YoY, versus BD1,822.5 million ($4,847 million) as of 31 December 2022. Alba’s total assets as of 31 December 2023 were BD2,553.6 million ($6,791.4 million) versus BD2,617.2 million ($6,960.6 million) as of 31 December 2022 – a drop of 2.4%.

 

Alba’s top-line and bottom-line were driven 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), the company said.

 

The Board of Directors of Alba resolved during the board meeting on Wednesday (February 14), to recommend 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. The Cash Dividend will be subject to the approval of the company’s shareholders at the upcoming Annual General Meeting on March 7.. Cash Dividend is 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).

Commenting on Alba’s financial performance for full year of 2023, the Chairman of Alba’s Board of Directors, Khalid Al Rumaihi stated: “While navigating market headwinds in 2023 with volatile LME prices and fluctuating premiums, we are pleased that Alba not only delivered higher sales volume but also achieved overall good performance. 

 

“Despite these external factors, the company’s robust operational performance in 2023 demonstrates its resilience and potential for stronger financial results in a more favorable environment. 

 

“Having refreshed our strategy for 2024-2026, we will be able to position Alba for continuous success amidst market challenges while transforming challenges into opportunities,” he said. 

 

Alba’s Chief Executive Officer Ali Al Baqali said:  "I'm incredibly proud of our team for doing more than necessary in a tough year for the aluminium industry. While bearish market sentiment presented significant challenges, our collective efforts on cost management and operational optimization enabled us to achieve good results despite lower LME prices and premiums and close 2023 with 12 million safe working hours without LTI.”  -TradeArabia News Service