Alba profit surges 132pc to BD32m

MANAMA: Alba has reported a profit of BD32 million for the fourth quarter of 2020, up by 132 per cent year-on-year (YoY) versus BD13.8m for the same period in 2019.

The company reported basic and diluted earnings per share of 23 fils for Q4 2020 versus 10 fils for the same period in 2019.

Total comprehensive income for Q4 2020 stood at BD32.9m versus BD13.8m for the fourth quarter of 2019, up by 138pc YoY.

Gross profit for the quarter was BD60.1m versus BD44.8m in Q4 2019 – up by 34pc YoY.

For the full-year 2020, profit was BD9.7m, up by 81pc YoY, versus BD5.4m for 2019.

Basic and diluted earnings per share were seven fils versus four fils in 2019.

Total comprehensive income for 2020 was BD1.4m, down by 73pc YoY, compared with BD5.4m for 2019.

Gross profit was BD141m versus BD90.2m in 2019 – up by 56pc YoY.

Alba generated BD278.8m in revenue from customer contracts in Q4 2020 versus BD293.7m in Q4 2019 – down by 5pc YoY.

For 2020, revenue from customer contracts was BD1,061.4m, up by 3pc YoY, compared with BD1,029.4m for 2019.

Total equity as of end-December 2020 stood at BD1,079.5m, up by 0.09pc YoY, versus BD1,078.6m as of end-December 2019.

Total assets as of end-December 2020 were BD2,353.7m versus BD2,408.2m as of end-December 2019 – down by 2pc.

The top-line was impacted in Q4 by lower metal sales’ volume and partially offset by higher LME price (up 9pc YoY) while the bottom-line was driven by higher LME prices and partially impacted by higher depreciation, financial charges and foreign exchange losses.

For 2020, the top line was driven by higher metal sales’ volume (up 14pc YoY) and partially offset by lower LME price (down 5pc YoY) while the bottom line was driven by higher top line and partially impacted by higher depreciation, financial charges and foreign exchange losses.

Commenting, Alba chairman Shaikh Daij bin Salman Al Khalifa said: “2020 was a year like no other but despite the challenging market sentiment, Alba closed this year stronger and on many fronts. Our operations were running at full capacity while maintaining the safety of our workforce. The operational performance was the highest ever achieved: 1,548,500 tonnes. Profit soared to BD9.7m – up by 81pc YoY and for Q4 alone, the profit topped BD32m – this unparalleled financial performance was behind our strong finish in 2020.”

Adding further, the smelter’s chief executive Ali Al Baqali said: “As I complete my first year as a full-time CEO, I am proud to say that our biggest achievement in 2020 was keeping our people safe – this is our number one priority. Despite all odds, we have forged ahead in 2020 and kept our cost lean by exceeding Project Titan – Phase IV Savings’ Target of $100m by achieving an additional $45m savings. As we progress into 2021, we remain committed to emerge stronger.”

Source: https://www.gdnonline.com/Details/935534/Alba-profit-surges-132pc-to-BD32m