Alba posts profits for third quarter, nine-month
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
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Aluminium Bahrain (Alba), the world’s largest aluminium smelter on one site, has reported a Profit of BD54.5 million (US$145m) for the third quarter of 2024, up by 215% Year-over-Year (YoY), versus a Profit of BD17.3m (US$46m) for the same period in 2023. Earnings per Share was fils 39 for Q3 2024 versus EPS of fils 12 for the same period in 2023.
The Total Comprehensive Income stood at BD51m (US$135.6m) versus Total Comprehensive Income for the third quarter of 2023 of BD20.8m (US$55.2m) – up by 145.7% YoY. Gross Profit for Q3 2024 was BD83.4m (US$221.8m) versus BD48.6m (US$129.3m) for the same period in 2023 – up by 71.6% YoY.
With regards to the Revenue from contracts with customers in Q3 2024, Alba generated BD433.5m (US$1,152.8m) versus BD400m (US$1,063.7m) in Q3 2023 - up by 8.4% YoY.
Nine- month results
With regards to the nine months of 2024, Alba has reported a Profit of BD147.5m (US$392.2m), up by 55.8% YoY, versus a Profit of BD94.6m (US$251.7m) for the same period in 2023. The Company reported Earnings per Share of fils 104 versus fils 67 for the same period in 2023.
Alba’s Total Comprehensive Income was BD145.3m (US$386.5m), up by 60.7% YoY, compared to a Total Comprehensive Income of BD90.5m (US$240.6m) in the same period of 2023. Gross Profit was BD242.6m (US$645.2m) versus BD196.4m (US$522.3m) in the same period of 2023 – up by 23.5% YoY.
Alba generated Revenue from contracts with customers of BD1,175m (US$3,125m) versus BD1,157m (US$3,077m) in the same period of 2023 - up by 1.6% YoY.
Alba’s top-line and bottom-line were driven by LME prices which increased by 4% in the 9 Months of 2024 and 11% YoY in Q3 2024; however, lower premiums down by 15% YoY in the 9 Months of 2024 compared to the previous year, partially offset these gains while premiums inched higher by +2% YoY in Q3 2024 versus the same period in 2023.
Commenting on the Company’s performance for the nine months of 2024, the Chairman of Alba’s Board of Directors, Khalid Al Rumaihi stated: “Despite navigating a complex global landscape, Alba has demonstrated its resilience and ability to deliver strong financial results. Our focus on operational efficiency, combined with strategic initiatives, has enabled us to achieve higher top-line and bottom-line performance.
As we move towards the end of 2024, we remain focused on capitalising on emerging opportunities and deliver sustainable value to our shareholders.” Alba’s Chief Executive Officer, Ali Al Baqali, added: “At Alba, we believe that safety and productivity are mutually inclusive.
By prioritising both, we have created a culture that has allowed us to consistently deliver strong results. Our commitment to safety has enabled us to achieve to-date more than 26m safe working hours without LTI.” Alba Management will hold a conference call today at 3:00 PM Bahrain Time to discuss the Company’s financial and operational performance for Q3 and 9 Months of 2024 and outline its strategic priorities moving forward.
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