MANAMA: Alba, the world’s largest aluminium smelter outside China, has reported a profit of BD181.2 million ($481.9m) for the fourth quarter of 2021, up by 466 per cent year-on-year (YoY) versus a profit of BD32m ($85.1m) for the same period in 2020.
The company reported basic and diluted earnings per share of 128 fils for Q4-2021 versus basic and diluted earnings per share of 23 fils for the same period in 2020.
Total comprehensive income for Q4-2021 stood at BD183m versus total comprehensive income for the fourth quarter of 2020 of BD32.9m – up by 455pc YoY.
Gross profit for the fourth quarter of 2021 was BD215.5m versus BD60.1m in Q4 2020 – up by 259pc YoY.
For the full year of 2021, Alba has reported a profit of BD451.9m, up by 4,532pc YoY, versus a profit of BD9.7m for 2020.
Alba reported basic and diluted earnings per share of 319 fils versus basic and diluted earnings per share of 7 fils in 2020.
Total comprehensive income for the full-year of 2021 was BD458.5m, up by 30,467pc YoY, compared to a total comprehensive income of BD1.45m for 2020.
Gross profit for 2021 was BD577m versus BD141m in 2020 – up by 309pc YoY.
With regards to the revenue in Q4-2021, Alba generated BD523.3m versus BD278.8m in Q4-2020 – up by 88pc YoY.
For the full-year of 2021, revenue topped BD1,584.8m, up by 49pc YoY, compared to BD1,061.4m for 2020.
Total equity as at end-December 2021 stood at BD1,503m, up by 39pc YoY, versus BD1,079.5m as of end-December 2020.
Alba’s total assets as of end-December 2021 were BD2,624.6m versus BD2,353.7m as of end-December 2020 - up by 11pc.
The board of directors have proposed to pay a final dividend of 53.14 fils per share (excluding the treasury shares) totalling BD75.2m subject to the approvals of the company’s shareholders at the annual general meeting which will be held in March 2022.
Alba’s top-line was driven by higher LME prices (44pc YoY in Q4 2021 and 45pc YoY for the full-year of 2021) while the bottom-line for Q4 and full-year of 2021 was driven by higher top-line and partially impacted by higher selling and distribution expenses.
Commenting on Alba’s exceptional financial performance for the full year of 2021, chairman Shaikh Daij bin Salman Al Khalifa said: “2021 marked our Golden Jubilee of Operations and Alba’s best financial performance ever recorded in its 5 decades. Our production topped 1,561,222 metric tonnes versus 2021 target of 1,550,000 metric tonnes. EBITDA entered $1.636 billion-club league for full year of 2021. EBITDA margin, the highest ever achieved in Alba’s history, at 43.5pc in Q4 2021 and 38.8pc for full year of 2021. Net profit joins the three-comma club by setting an all-time precedent of $1.2 billion for full year of 2021.
“This stellar performance, backed by our operational efficiency thanks to the line 6 expansion project, was made possible thanks to each and everyone in Alba. I look forward to capitalising on the strong momentum we have established in 2021 to navigate 2022 and set new benchmarks in all aspects including ESG.”
Adding further, Alba chief executive Ali Al Baqali said: “Our strong finish in 2021 reflect our disciplined approach to go the extra mile and exceed our own expectations despite the unprecedented challenges we faced with Covid-19 and logistics. This better-than-anticipated top line performance combined with our lean cost mindset allowed us to give back to our shareholders and reduce our overall debt position.
“What made 2021 extraordinary is that our safety performance was behind our all-time productivity – achieving 0 LTIs and more than 20 million safe working hours.”
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