Alba records $126m profit for Q1 amid poor global demand
MANAMA, May 4, 2023
Aluminium Bahrain (Alba) the world’s largest Aluminium smelter ex-China, has reported a profit of BD47.5 million ($126.2 million) for the first quarter of 2023, down 68% Year-over-Year (YoY), versus a Profit of BD146.8 million ($390.4 million) last year.
Announcing the results for the first three month ended March 31, 2023, Alba said its total comprehensive income for Q1 stood at BD45.4 million ($120.7 million) versus BD156 million ($415 million) for the same period last year thus registering a drop of 71% YoY.
The gross profit for Q1 2023 was BD79.9 million ($212.4 million) versus BD 178 million ($473.4 million) for the same period in 2022—a drop by 55% YoY.
With regards to the revenue from contracts with customers in Q1, Alba generated BD370 million ($984 million) versus BD455 million ($1,210 million) in Q1 2022 – a drop by 19% YoY, it stated.
Alba also reported basic and diluted earnings per share of fils 34 for Q1 2023 versus fils 104 for the same period in 202
Total Equity as of March 31, 2023 stood at BD1,738.3 million ($4,623 million), a drop by 5%, versus BD1,822.5 million ($4,847 million) as of December 31, 2022. Alba’s total assets as of March 31, 2023 stood at BD2.68 billion ($7.13 billion) versus BD2.61 billion ($6.96 billion) as of December 31, 2022 – an increase by 2%.
Alba said its top-line and bottom-line were driven by lower LME prices (27% YoY) and premiums (27% YoY).
Commenting on the performance, Chairman Shaikh Daij Bin Salman Bin Daij Al Khalifa said: "Despite lower LME prices and weak investor sentiment, we have managed to voyage the first quarter of 2023 by achieving an exceptional performance on the operational and financial fronts."
"As we journey amidst the market challenges, we remain committed to execute our strategic priorities – progressing Line 7’s Feasibility Study and accelerating Power Station 5 Block 4 construction – in line with our ESG roadmap," he stated.
Adding further, Alba’s CEO Ali Al Baqali said: "In this bearish economic backdrop, we remain focused on what we can really control: Safety, Efficient Operations and Lean Cost Structure while we collectively navigate with our team -- employees and contractors’ personnel -- the waves to get better at what we do."
The key industry highlights of the three-month period ended March 31, 2023 include: Achieving a safety milestone clocking 8 million safe working hours without LTI on March 6 and completion of procurement and foundation works for Block 4 Project main equipment.-TradeArabia News Service
