MANAMA: Alba, the world’s largest aluminium smelter outside China, has reported a profit of BD181.9 million ($483.9m) for the second quarter of 2022, up by 97 per cent year-on-year (YoY), versus a profit of BD92.6m ($246.2m) for the same period in 2021.
The company reported basic and diluted earnings per share of 128 fils for Q2-2022 versus basic and diluted earnings per share of 65 fils in Q2 2021.
The total comprehensive income for Q2 2022 stood at BD201.9m versus total comprehensive income for the second quarter of 2021 of BD90.7m – up by 123pc YoY.
Gross profit for Q2 2022 was BD208m versus BD123.7m for the same period in 2021 – up by 68pc YoY.
With regards to the revenue in Q2 2022, Alba generated BD520.4m versus BD370m in Q2-2021 – up by 41pc YoY.
For the first half of 2022, Alba reported a profit of BD328.7m, up by 127pc YoY versus a profit of BD144.8m for the same period in 2021.
The company reported basic and diluted earnings per share of 232 fils for H1-2022 versus basic and diluted earnings per share of 102 fils for the same period in 2021.
Alba’s total comprehensive income for H1 2022 was BD357.9m, up by 140pc YoY, compared to a total comprehensive income of BD149.1m in H1 2021.
Gross profit for the first half of 2022 was BD386m versus BD204.2m in H1 2021 – up by 89pc YoY.
Alba generated revenue of BD975.3m in H1 2022 versus BD672.7m in H1 2021 – up by 45pc YoY.
Total equity as of end-June 2022 stood at BD1,770.6m, up by 18pc, versus BD1,503m as of end-December 2021.
Alba’s total assets as of end-June 2022 were BD2,717.3m versus BD2,624.6m as of end-December 2021 – up by 3.5pc.
The company’s top-line was driven by higher LME prices (up by 20pc YoY in Q2 2022 and up by 37pc YoY in H1 2022) despite flat growth in sales’ volume while the bottom-line for Q2 and H1 2022 was driven by higher top-line and partially impacted by higher cost and distribution expenses.
In addition, Alba’s board of directors have recommended the distribution of an interim dividend of BD45,120,000, equivalent to 31.88 fils per share ($0.08478 per share), to the shareholders.
Commenting, Alba chairman Shaikh Daij bin Salman Al Khalifa stated: “We have had an unmatched financial performance as we set new benchmarks in the last three quarters (Q4 2021, Q1 and Q2 2022) and on many fronts: Profit of BD328.7m in H1 2022 – up by 127pc YoY; Value added sales topping 70pc in Q2 2022 – a first time in our history (67pc in H1 2022); Safety: a new leap was achieved with more than 29m safe working hours without LTI.
“This strong performance has enabled us to distribute an interim dividend of $120m to our shareholders. As we progress into the rest of 2022, we remain committed to build sustainable returns while also delivering further value to our shareholders.”
Adding further, Alba chief executive Ali Al Baqali said: “Our exhibit profitability was backed by improved product mix towards value added products’ sales and sound cost savings. Despite the logistics’ challenges in the market, we have been able to deliver another strong quarter by capitalising on higher LME price and that has allowed us to service our loans and reduce our overall debt profile. We are only as good as our employees; it is thanks to our collective proactiveness in safety, we have reached a record landmark with topping more than 29m safe working hours without LTI.”
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