Alba fourth quarter profit rises 132%

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Aluminium Bahrain (Alba) reported a fourth-quarter profit of BD32 million (US$85.1 m), which is an increase of 132% from a profit of BD13.8 m (US$36.7 m) reported in the year-ago quarter.

The fourth-quarter top line was impacted by lower metal Sales’ volume, which was partially offset by higher LME price [up by 9% Year-over-Year (US$1,918/t in Q4 2020 versus US$1,754/t in Q4 2019)].

Bottom-line was driven by higher LME prices, which were partially impacted by higher depreciation, financial charges and foreign exchange losses.

Quarterly Earnings per Share was 23 fils versus 10 fils for the same period in 2019.

Total Comprehensive Income rose 138% to BD32.9 m (US$87.7 m) and Gross Profit jumped 34pc to BD60.1 m (US$159.9 m) from the same quarter a year ago.

Revenue from Contracts with Customers dropped 5% to BD278.8 m (US$741.5 m) from BD293.7 m (US$781 m) in the year-ago quarter.

Full-Year 2020 profit zoomed 81% to BD9.7 m (US$25.9 m) from BD5.4 m (US$14.3 m) a year ago.

Earnings per Share were 7 fils compared to 4 fils in 2019. Total Comprehensive Income was BD1.4 m (US$3.9 m), down 73% from BD5.4 m (US$14.3 m) for 2019.

Gross Profit was BD141 m (US$375 m) versus BD90.2 million (US$239.9 m) in 2019 – up by 56% YoY.

Revenue from Contracts with Customers reached BD1,061.4 m (US$2,822.9 m), up by 3% YoY, compared to BD1,029.4 m (US$2,737.8 m) for 2019.

Alba said it top-line was driven in 2020 by higher metal Sales’ volume (14% YoY) and partially offset by lower LME price [down by 5% Year-over-Year (US$1,702/t in 2020 versus US$1,792/t in 2019).

Bottom-line was driven by higher top-line and partially impacted by higher depreciation, financial charges and foreign exchange losses.