Alba’s profit soars 665pc to BD92.6m

MANAMA: Aluminium Bahrain (Alba), the world’s largest aluminium smelter w/o China, has reported a profit of BD92.6 million for the second quarter of 2021, up by 665 per cent year-on-year (YoY), versus a loss of BD16.4m for the same period in 2020.

The company reported basic and diluted earnings per share of 65 fils for Q2-2021 versus basic and diluted loss per share of 12 fils for the same period in 2020.

Total comprehensive income for Q2-2021 stood at BD90.6m versus total comprehensive loss for the second quarter of 2020 of BD18.2m – up by 598pc YoY. Gross profit for Q2-2021 was BD123.7m versus BD21.6m for the same period in 2020 – up by 471pc YoY.

With regards to the revenue in Q2-2021, Alba generated BD370m versus BD244m in Q2 2020 – up by 52pc YoY.

For the first half of 2021, Alba has reported profit of BD144.8m, up by 1,461pc YoY versus a loss of BD10.6m for the same period in 2020.

The company reported basic and diluted earnings per share of 102 fils for first half of 2021 versus basic and diluted loss per share of 8 fils for the same period in 2020.

Alba’s total comprehensive income for H1-2021 was BD149.1m, up by 852pc YoY, compared to total comprehensive loss of BD19.8m in H1-2020.

Gross profit for the first half of 2021 was BD204.2m versus BD55.2m in H1-2020 – up by 270pc YoY.

Alba generated revenue of BD672.7m in H1-2021, up by 29pc YoY versus BD520m in H1-2020.

Total equity as of end-June 2021 stood at BD1,230.1m, up by 14pc, versus BD1,079.6m as of end-2020.

Total assets as of end-June 2021 were BD2,496.1m versus BD2,353.7m as of end-2020 – up by 6pc.

Alba’s top-line were driven in by higher LME prices (61pc YoY in Q2-2021 and 41pc YoY in H1-2021) and partially offset by lower sales’ volume (a drop of 1pc YoY in Q2-2021 and 3pc YoY in H1 2021) while the bottom-line for Q2 and H1 2021 was driven by higher top-line and partially impacted by higher selling and distribution expenses.

 

Source: https://www.gdnonline.com/Details/962833

 

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