Alba reports third-quarter and nine-months profits

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

Aluminium Bahrain (Alba) reported third quarter and nine-month profits, which the company said were driven by lower LME prices (down by 8% YoY in Q3 2023 and down by 20% YoY for the 9 months of 2023) and lower premiums (down by 39% YoY in Q3 2023 and down by 36% YoY for the 9 months of 2023).

8The company also said it expects the aftershocks from pandemic and Russia-Ukraine war will continue to weigh on aluminium fundamentals in the short-run.

Q3 results

Third quarter profit was BD17.3 million (US$46m) down by 64% Year-over-Year (YoY), versus BD48m (US$127.6m) in the same quarter a year ago.  

Earnings per share was fils 12 compared to fils 34 for the same period in 2022.

Total comprehensive income stood at BD20.7m (US$55.2m) versus BD58.2m (US$154.8m) – down by 64% in the year-earlier quarter. Gross profit was BD48.6m (US$129.3m) versus BD79m (US$210.2m) for the same period in 2022 – down by 38% YoY.

Revenue from contracts with customers was BD400m (US$1,063.8m) versus BD403.2m (US$1,072.4m) in Q3 2022 - down by 0.8% YoY.

Nine-month results

Profit was B D 9 4 . 6 m (US$251.7m), down by 75% YoY, versus BD376.7m (US$1,001.9m) for the same period in 2022.

Earnings per Share was fils 67 versus fils 266 for the same period in 2022. Total comprehensive income was BD100.5m (US$267.3m), down by 75.8% YoY, compared to BD416.1m (US$1,106.6m) in the same period of 2022.

Revenue from contracts with customers was BD1,157m (US$3,077m) versus BD1,378.5m (US$3,666.3m) in the same period of 2022 - down by 16% YoY.

Chairman of Alba’s Board of Directors, Khalid Al Rumaihi stated: “Our financial performance demonstrate our ability to adapt and thrive in a challenging economic backdrop and I am confident in our ability to sustain this momentum as we step into 2024.” Alba’s Chief Executive Officer, Ali Al Baqali said: “Such performance was possible thanks to our ability to effectively manage costs and optimize our operations – allowing us to partially mitigate the impact of market fluctuations.”