Companies news

Alba posts 181pc increase in profit

Alba, the world’s largest aluminium smelter outside China, has reported a profit of BD146.8 million for the first quarter of 2022, up by 181 per cent year-on-year (YoY), versus a profit of BD52.2m for the same period in 2021.

The company reported basic and diluted earnings per share of 104 fils versus 37 fils for the same period in 2021.

The total comprehensive income for Q1 2022 stood at BD156m versus BD58.4m for the same period in 2021 – up by 167pc YoY.

Gross profit for Q1-2022 was BD178m versus BD80.5m for the same period in 2021 – up by 121pc YoY.

With regards to the revenue in Q1-2022, Alba generated BD455m versus BD302.7m in Q1-2021 – up by 50pc YoY.

Total equity as of end-March 2022 stood at BD1,585.3m, up by 5pc, versus BD1,503m as of end-2021.

Total assets as of end-March 2022 were BD2,690.5m versus BD2,624.6m as of end-2021 – up by 3pc.

Alba’s top-line was driven by higher LME prices (56pc YoY) and partially offset by lower sales volume (down 0.3pc YoY) while bottom-line for Q1-2022 was driven by higher top-line and partially impacted by higher selling and distribution expenses.

Commenting, Alba chairman Shaikh Daij bin Salman Al Khalifa stated: “We are off to a strong start in 2022 as we delivered another quarter of great results with a profit of more than $390m, exceeding our performance for the first half of 2021 (Profit for H1-2021: $385m), reflecting the underlying momentum in our business as we capitalise on strong LME prices.”

Adding to the comments, Alba chief executive Ali Al Baqali said: “Thanks to our agile operations, we have been able to achieve for the first-time ever in a quarter an excellent performance on many fronts amidst the logistics’ challenges. I also take the opportunity to thank our workforce for achieving for the first time ever in our history 25 million safe working hours without LTI.”

Source: https://www.gdnonline.com/Details/1072121