Alba approves transfer of profit to retained earnings

Shareholders of Alba have approved the non-distribution of cash dividends and transfer of BD9,755,000 – the net profit for the year-ended December 2020 – to retained earnings.

The announcement follows yesterday’s annual general meeting held through virtual platforms – a first for the world’s largest aluminium smelter ex-China.

Commenting, Alba chairman Shaikh Daij bin Salman Al Khalifa said: “The Covid-19 pandemic tested us in every way without exception and the challenges we went through in 2020 have unlocked Alba’s potential and true strength. We learnt a lot and we established many firsts – all thanks to the agility of our people.

“As we progress in 2021, we set our objectives for Alba to be at the forefront of the aluminium industry all the while driving long-term growth for our shareholders.

“Our emphasis on safety and the one-team spirit led Alba to close 2020 strong on many fronts – the highest production record ever achieved in five decades of commercial operations of more than 1.548 million metric tonnes per annum.

“Our resilient operations coupled with our agility yielded a very healthy profit in 2020 soaring to BD9.7million (corresponding to $25.9m), up by 81pc year-on-year. We are also pleased to have recorded the highest-ever profit in our history in the last quarter of 2020 with BD32m (equivalent to $85.1m).”

During the AGM, the minutes of the previous AGM held in March 2020 were discussed and approved.

The report of the board of directors for 2020 was approved while the external auditors’ report for the financial statements for 2020 was reviewed during the meeting.

Approval was also given to the recommendation of the board of directors’ total remuneration of BD210,000 for 2020.

The 2020 corporate governance report was tabled before the shareholders and KPMG was re-appointed as the company’s external auditor for 2021.

In addition, Alba shareholders approved the transactions carried-out during 2020 with any of the related parties as described in note #27 of the financial statements in line with Article 189 of the Commercial Companies Law as well as absolved the Board of Directors from their actions/activities for 2020.

Approval was given to SICO to provide market-making services by utilising at any given time a maximum of 3pc of Alba’s issued share capital for three years period and subject to the approval of the Central Bank of Bahrain.

Source: https://www.gdnonline.com/Details/938762