Alba reports BD24.5 million first quarter profit

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

Aluminium Bahrain (Alba), one of the world’s largest aluminium smelters, has reported a Profit of BD24.5 million (US$65 mi) for the first quarter of 2024, a drop of 48% Yearover-Year (YoY), versus a Profit of BD47.5 million (US$126.2 m) for the same period in 2023.

Earnings Per Share were fils 17 for Q1 2024 versus fils 34 for the same period in 2023. Alba’s top-line and bottom-line were driven by lower LME prices (down by 8% YoY in Q1 2024) and lower premiums (down by 27% YoY in Q1 2024).

Total Comprehensive Income stood at BD27.7 m (US$73.6 million) versus BD37.1 m (US$98.7 m) for the same period in 2023 – a drop of 25% YoY.

Gross Profit was BD57.3 m (US$152.3 m) versus BD 79.9 m (US$212.4 m) for the same period in 2023 - down by 28% YoY.

Alba generated revenue from contracts with customers of BD334.6 m (US$889.8 m) versus BD369.9 mn (US$983.8 mn) in Q1 2023 – a drop of 10% YoY.

Commenting on the Company’s performance for the first quarter of 2024, the Chairman of Alba’s Board of Directors, Khalid Al Rumaihi stated: “Despite market headwinds and lower LME prices, our commitment to operational excellence yielded good results in Q1 2024.

In fact, if commodity prices (LME and premium prices) had remained at Q1 2023 levels, we are confident we would have delivered an even stronger performance for this quarter.

Such performance positions us as a frontrunner to capitalize on the upswing in LME prices driven by global aluminium demand boom. Furthermore, our focus to strategic priorities equips us to navigate 2024 with agility, capitalizing on emerging opportunities.”

Alba’s Chief Executive Officer, Ali Al Baqali, added: “While the overall economic climate remains challenging, we are laser-focused on the controllable aspects of our business: Safety, streamlined operations, and a rigorously cost-effective structure.

This focus, coupled with the dedication of our entire team, empowers us to thrive even in these challenging economic conditions.”

Alba Management will hold a conference call today at 2:15 PM Bahrain Time to discuss the Company's financial and operational performance for Q1 2024 and outline its strategic priorities moving forward.