Higher LME prices lift Alba profits

TDT | Manama

Email: mail@newsofbahrain.com

Aluminium Bahrain (Alba has reported a Profit of BD37.1 million (US$98.6 m) for the fourth quarter of 2024, up by 58.5% YoY versus a Profit of BD23.4 m (US$62.2 m) for the same and Diluted Earnings per Share of fils 16 for the same period in 2023.

The Total Comprehensive Income stood at BD38.1 m (US$101.3 m) versus a Total Comprehensive Income for Q4 of 2023 of BD16.3 m (US$43.2 m) – up by 134.4% YoY.

For the Full-Year of 2024, Alba has reported a Profit of BD184.5 m (US$490.8 m), up by 56.4% YoY, versus a Profit of BD118 m (US$313.9 m) for 2023. Earnings per Share was fils 130 versus fils 83 in 2023. Alba’s Total Comprehensive Income for the year of 2024 was BD183.4 m(US$487.8 m), up by 71.9% YoY, compared to a Total Comprehensive Income of BD106.7 m(US$283.8 mn) for 2023.

Total Equity as of 31 December 2024 stood at BD1,923.9 m (US$5,116.9 m), up by 7.5% YoY, versus BD1,789.2 m (US$4,758.6 m) as of 31 December 2023. Alba’s Total Assets as of 31 December 2024 were BD2,673.4 m (US$7,110 m) versus BD2,553.6 million (US$6,791.4 m) as of 31 December 2023 – up by 4.7%.

Alba’s top-line and bottom-line were driven by higher LME prices & partially offset by higher Alumina prices. LME price increased by 17% YoY in Q4 2024 and 7% in FY 2024.

Cash dividend

The Board of Directors of Alba resolved during the Board meeting yesterday, to recommend the distribution of cash dividend to the shareholders whose names are registered on the Company’s register on the Record Date.

The final cash dividend is 26.58% of the share nominal value, equivalent to Fils 26.58 per share amounting to BD37,633,403 (US$100 million).

Commenting on the Company’s performance for the Full Year of 2024, the Chairman of Alba’s Board of Directors, Khalid Al Rumaihi stated: “Alba’s exceptional financial performance in 2024, with a 56% year-over-year profit increase, demonstrates our operational resilience and adaptability despite fluctuating market dynamics and higher alumina costs. The significant growth in our earnings per share reflects our strategic focus on operational excellence and shareholder value creation.”

Adding further: “Today, we celebrate more than just the completion of a power plant, but a step towards powering a more sustainable future for Bahrain. This project represents a leap forward in our commitment to ‘Net Zero by 2060’, setting the benchmark for responsible industrial development in the region.”

Alba’s Chief Executive Officer, Ali Al Baqali, added: “I’m incredibly proud of our team for going above and beyond during a challenging year for the aluminium industry. Our collective efforts on cost management and operational optimisation delivered strong results, driven entirely by our talented local workforce.

This success is underpinned by our unwavering commitment to safety, which has resulted todate in over 31 million safe working hours without LTI.”

Alba Management will hold a conference call today at 1 PM Bahrain Time to discuss the Company's financial and operational performance for Q4 and 12 Months of 2024 and outline its strategic priorities moving forward.