MANAMA: Shareholders of Alba, the Bahrain-based international aluminium smelter, will get a payout of BD36.8 million ($97.9m) for the fiscal year 2017, following approval of the dividend proposal at the annual general meeting (AGM) yesterday.
The total cash dividend for 2017 is equivalent to 26 per cent of the nominal value of the company’s shares (excluding treasury shares) – which is 26 fils per share and will be payable from March 21 to shareholders of record as of yesterday.
Approval was also given to the directors’ remuneration for the fiscal year of 2017 as well as the transfer of BD25.2m to retained earnings.
At the AGM, the company’s chairman Shaikh Daij bin Salman Al Khalifa said that last year the company faced a number of challenges, the most significant of which was the power outage in April that had an impact on operations.
“Despite that, we managed once again to achieve the highest annual production in history of 981,016 tonnes, with a 1pc year-on-year (YoY) growth over 971,420 tonnes in 2016.
“With the remarkable appreciation in the LME prices (23pc YoY), Alba’s total sales reached BD857.8m, up by 28pc YoY, while EBITDA reached BD160m and net income was up by 91pc YoY to BD92.5m.
He said the smelter had an exceptional finish in 2017 on multiple fronts – safety, productivity and financial performance.
The company has signed two high-level agreements with GE and Bechtel, through which it will explore opportunities for further growth.
“As we progress in 2018, we look forward to Alba’s transformation into the largest smelter in the world with the completion of our landmark project, Line 6 Expansion Project.
“We are as per schedule to produce the first hot metal on January 1, 2019 and also looking forward to secure the second tranche of financing in the first quarter this year,” he added.