Higher LME prices lift Alba’s profit, declares dividend

TDT | Manama                                                                 

The Daily Tribune – www.newsofbahrain.com

Higher LMR prices and revenues drove Alba’s quarterly and half-yearly profit higher, despite partially impacted by higher cost and distribution expenses, the world’s largest aluminium smelter w/o China said yesterday.

Alba’s board also recommended an interim dividend of BD45,120,000 (US$120 million), equivalent to Fils 31.88 per share (US$0.08478 per share) LME prices were up by 20% YoY in Q2 2022 and 37% YoY in H1 2022 inspite of recording flat growth in sales volume.

Q2 performance

Second quarter profit was BD181.9 million (US$483.9 m), up by 97% Year-over-Year (YoY), versus a profit of BD92.6 m (US$246.2 m) for the same period in 2021. Earnings per share were fils 128 versus fils 65 in Q2 2021.

Total Comprehensive Income stood at BD201.9 m (US$536.9m), up 123% from BD90.7 m (US$241.1 m) in the prior-year quarter. Gross profit rose 68% to BD208 m (US$553.2 m) from BD123.7 m (US$328.9 m) in the year-ago quarter.

Revenue jumped 41% to BD520.4 m (US$1,384 m) from BD370 m (US$984 m) in the same quarter a year ago. Sales’ volume topped 742,658 metric tonnes (MT) (almost flat) while Production reached 787,592 MT, up by 1.7% YoY.

H1 results

Profit increased 127% to BD328.7 m (US$874.3 m) from BD144.8 m (US$385.1 m in the year-ago period. Earnings per share were fils 232 versus fils 102 a year ago. Total Comprehensive Income rose 140% to BD357.9 m (US$951.8 m) from BD149.1 m (US$396.5 m) in H1 2021.

Gross Profit was BD386 m (US$1,026.7 m) versus BD204.2 m (US$543.0 m) in H1 2021 – up by 89% YoY. Revenue grew 45% to BD975.3 m (US$2,593.9 m) from BD672.7 m (US$1,789 m) in the prior-year period. Safety took a new leap with more than 29 m safe working hours without LTI.