Alba announces profit of $126.2 million

Alba, the world’s largest aluminium smelter outside China, has reported a profit of BD47.5 million ($126.2m) for the first quarter of 2023, 68 per cent lower than profit of BD146.8m ($390.4m) for the same period in 2022.

The company reported basic and diluted earnings per share of 34 fils for Q1 2023 versus 104 fils for the same period in 2022.

Total comprehensive income for Q1 2023 stood at BD45.4m versus BD156m for the same period in 2022 – a drop by 71pc YoY.

Gross profit for Q1 2023 was BD79.9m versus BD178m for the same period in 2022 – a drop of 55pc YoY.

With regards to the revenue from contracts with customers in Q1 2023, Alba generated BD370m versus BD455m in Q1 2022 – a drop of 19pc YoY.

Total equity as of end-March 2023 stood at BD1,738.3m, a drop of 5pc, versus BD1,822.5m as of end-2022.

Alba’s total assets as of end-March 2023 were BD2,680.9m versus BD2,617.2m as of end-2022 – an increase of 2pc.

The company’s top-line and bottom-line were driven by lower LME prices (27pc YoY) and premiums (27pc YoY).

Commenting on the performance, chairman Shaikh Daij bin Salman Al Khalifa stated: “Despite lower LME prices and weak investor sentiment, we have managed to voyage the first quarter of 2023 by achieving an exceptional performance on the operational and financial fronts.

“As we journey amidst the market challenges, we remain committed to execute our strategic priorities – progressing Line 7’s feasibility study and accelerating Power Station 5 Block 4 construction – in line with our ESG roadmap.”

Adding further, Alba chief executive Ali Al Baqali said: “In this bearish economic backdrop, we remain focused on what we can really control: Safety, efficient operations and lean cost structure while we collectively navigate with our team – employees and contractors’ personnel – the waves to get better at what we do.”

Source: https://www.gdnonline.com/Details/1240859