Alba’s 9-month profit increases by 55.8pc

Aluminium Bahrain (Alba), the world’s largest aluminium smelter on one site, has reported a profit of BD54.5 million ($145m) for the third quarter of 2024, up by 215 per cent year-over-year (YoY), versus a profit of BD17.3m ($46m) for the same period in 2023.

The company reported basic and diluted earnings per share of 39 fils for Q3 2024 versus basic and diluted earnings per share of 12 fils for the same period in 2023. The total comprehensive income for Q3-2024 stood at BD51m versus BD20.8m for the third quarter of 2023, up by 145.7pc YoY.

Gross profit for Q3 2024 was BD83.4m versus BD48.6m for the same period in 2023 – up by 71.6pc YoY.

With regards to the revenue from contracts with customers in Q3-2024, Alba generated BD433.5m versus BD400m in Q3 2023 – up by 8.4pc YoY.

For the first nine months of 2024, Alba has reported a profit of BD147.5m ($392.2m), up by 55.8pc YoY when compared with profit of BD94.6m for the same period in 2023. The company reported basic and diluted earnings per share of 104 fils for the nine months versus 67 fils for the same period in 2023.

Alba’s total comprehensive income for the nine months was BD145.3m, up by 60.7pc YoY, compared to total comprehensive income of BD90.5m in the same period of 2023.

Gross profit for the nine months of 2024 was BD242.6m versus BD196.4m in the same period of 2023 – up by 23.5pc YoY.

Alba generated revenue from contracts with customers of BD1,175m in the first nine months of 2024 versus BD1,157m in the same period of 2023 – up by 1.6pc YoY.

Total equity as of September 30, 2024 stood at BD1,885.7m, up by 5.4pc, versus BD1,789.2m as of end-2023.

Alba’s total assets as of September 30, 2024 were BD2,659.6m versus BD2,553.6m as of end-2023 - up by 4.2pc.

Alba’s top-line and bottom-line were driven by LME prices which increased by 4pc in the nine months of 2024 and 11pc YoY in Q3 2024; however, lower premiums, down by 15pc YoY in the nine months of 2024 compared to the previous year, partially offset these gains while premiums inched higher by 2pc YoY in Q3 2024 versus the same period in 2023.

Commenting on the company’s performance, Alba chairman Khalid Al Rumaihi stated: “Despite navigating a complex global landscape, Alba has demonstrated its resilience and ability to deliver strong financial results. Our focus on operational efficiency, combined with strategic initiatives, has enabled us to achieve higher top-line and bottom-line performance. As we move towards the end of 2024, we remain focused on capitalising on emerging opportunities and deliver sustainable value to our shareholders.”

Alba’s chief executive Ali Al Baqali added: “At Alba, we believe that safety and productivity are mutually inclusive. By prioritising both, we have created a culture that has allowed us to consistently deliver strong results. Our commitment to safety has enabled us to achieve to-date more than 26 million safe working hours without LTI.”

Source: https://www.gdnonline.com/Details/1337223