Alba posts $36.7m net profit in fourth quarter

Manama: Alba has reported a profit and total comprehensive income of BD13.82 million ($36.76m) for the fourth quarter of 2019.

This compares with a loss and total comprehensive loss of BD17.54m ($46.65m) for the same quarter of 2018 – an increase of 179 per cent year-over-year (YoY).

The company reported a gross profit of BD44.77m ($119.08m) for the fourth quarter of 2019 versus a gross loss of BD8.37m ($22.26m) for the same quarter of 2018, an increase of 635pc YoY.

With regards to revenue from contracts and customers, Alba reported BD293.67m ($781.05m) in Q4 2019, versus BD211.52m ($562.56m) in Q4 2018, up by 39pc YoY.

The company reported basic and diluted earnings per share in this quarter fils 10 versus a diluted loss per share of 13 fils in Q4 2018.

For the full-year of 2019, Alba generated a profit and total comprehensive income of BD5.38m ($14.31m), down by 91pc YoY, compared with BD59.76m ($158.92m) in 2018.

The company reported a gross profit of BD90.22m ($239.95m) versus BD84.99m ($226.04m) up by 6pc YoY.

The Revenue from Contracts and Customers reached BD1,029.38m ($2,737.7m) in 2019, up by 13pc YoY, compared with BD911.3m ($2,423.7m) in 2018.

Basic and diluted earnings per share were fils 4 for 2019, versus fils 42 for 2018. Overall, the company’s financial performance was driven by higher metal sales’ volume thanks to Line 6 ramp-up and was partially offset by lower LME prices (down by 15pc YoY).

Alba’s Board of Directors have proposed to pay a final dividend of BD0.001 per share (excluding the treasury shares) totalling BD1,412,000 ($3,755,000) to 2019 and subject to the shareholders’ approval on the Annual General Meeting on March 8.

As on December 31, 2019, Alba’s Total Assets stood at BD2,420.25m ($6,436.84m), compared with BD2,208.89m ($5,874.71m) as at December 31, 2018 – up by 10pc YoY.

Total Shareholders’ Equity as at December 31, 2019 stood at BD1,078.57m ($2,868.54m), versus BD1,073.47m ($2,854.97m) as at 31 December 2018.

Commenting on Alba’s 2019 financial performance, Board of Directors chairman Shaikh Daij Bin Salman Bin Daij Al Khalifa said: “It is encouraging to see that Alba has closed 2019 strong despite a challenging year for the industry.

“2019 was a great year as we have recorded many firsts in Alba’s history: breakthrough record in Safety, Production and Sales’ volume thanks to our people.

“With Mr. Al Baqali as the realm of Alba in this next chapter of growth, our Company is better positioned for further success.”

Chief Executive Officer Ali Al Baqali said: “Despite a weak market sentiment, we have made 2019 an exceptional year by focusing on what we control best at all times: Safety, Production and Cost.”

“It is an honour and privilege to serve Alba as the chief executive officer and I look forward to work together with Alba’s Board of Directors as we go beyond Line 6. I also want to thank all Alba employees and contractors for a great 2019 and look forward to more accomplishments.”

Source: http://www.gdnonline.com/Details/781702

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