Companies news

Alba reports strong operational growth

Alba has reported a profit of BD39.4 million ($104.9m) for the fourth quarter of 2022, down by 78 per cent year-over-year (YoY) versus a profit of BD181.2m ($481.8m) for the same period in 2021.

The company reported basic and diluted earnings per share of 28 fils for Q4 2022 versus basic and diluted earnings per share of 128 fils for the same period in 2021.

The total comprehensive income for Q4 2022 stood at BD36.6m ($97.3m) versus a total comprehensive income for Q4 of 2021 of BD183m ($486.8m) – down by 80pc YoY.

Gross profit for the fourth quarter of 2022 was BD80.6m ($214.3m) versus gross profit of BD215.5m ($573.2m) in Q4 2021 – a drop of 63pc YoY.

Alba achieved revenue of BD462.4m ($1,229.8m) in Q4 2022 versus BD523.3m ($1,391.7m) for the same period in 2021 – a drop of 12pc YoY.

For the full-year of 2022, Alba has reported a profit of BD416.2m ($1,106.8m), down by 8pc YoY, versus a profit of BD451.9m ($1,201.8m) for 2021.

Alba reported basic and diluted earnings per share of 294 fils versus basic and diluted earnings per share of 319 fils in 2021.

Alba’s total comprehensive income for the full year of 2022 was BD452.7m ($1,204m), a drop of 1pc YoY, compared to a total comprehensive income of BD458.5m ($1,219.5m) for 2021.

For the full year of 2022, the gross profit was BD545.6m ($1,451.1m) versus gross profit of BD577m ($1,534.7m) in 2021 – a drop of 5pc YoY.

The revenue for 2022 stood at BD1,840.9m ($4,896.1m), up by 16pc YoY, compared to BD1,584.8m ($4,215m) for 2021.

Total equity as of December 31, 2022 stood at BD1,822.5m ($4,847m), up by 21pc YoY, versus BD1,503m ($3,997.4m) as of December 31, 2021.

Total assets as of December 31, 2022 were BD2,617.2m ($6,961m) versus BD2,624.6m ($6,980.3m) as of December 31, 2021 – a drop of 0.3pc.

Alba’s board of directors has proposed to pay a final dividend of 117.58 fils per share (excluding the treasury shares) amounting to BD166,306,000 subject to the approval of shareholders at the annual general meeting to be held on February 26.

Commenting on the performance, chairman Shaikh Daij bin Salman Al Khalifa stated: “We, in Alba, are pleased to report another year of strong operational growth and record financial performance despite market challenges.

- An all-time production of 1,600,111 metric tonnes while value added sales exceeds for the first time in history 1,042,000 metric tonnes.

- For the second year in a row, EBITDA at record levels of $1.502 billion

- Profit hit the three-comma club again by setting another precedent of $1.107bn

“These impressive results wouldn’t have been made possible without the strategic oversight of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister. Such performance has allowed us not only to accelerate servicing our loans but also increase the dividend pay out to our shareholders.”

Alba chief executive Ali Al Baqali added: “Our resilience as a team has enabled us to generate an outstanding performance across key performance metrics as well as set new precedents and I am confident that we will continue to do so in 2023.

“I call upon each employee and contractors’ personnel to act on our 2023 Objectives – Safety: our operating licence, Al Hassalah top-up, readiness to take off safely, and don’t limit yourself – to finish strong against the challenging economic backdrop.”

Source: https://www.gdnonline.com/Details/1173827/Alba-reports-strong-operational-growth