Alba delivers solid Q2 results; revenue surges 5.2pc to $1.1bn
MANAMA, 28 days ago
Aluminium Bahrain (Alba), one of the world’s largest aluminium smelters, has delivered solid results for the second quarter with more than two-fold growth in its net profit which soared to BD68.5 million ($182.2 million) from BD29.9 million ($79.5 million) last year.
Announcing the results for the three-month period ended June 30, 2024, Alba said its revenue from contracts with customers for Q2 soared to BD407 million ($1.1 billion) from BD387 million ($1.02 billion) last year, thus recording a 5.2% y-o-y growth.
The aluminium giant's gross profit for Q2 surged to BD102 million ($271.2 million) versus BD67.9 million ($180.6 million) for the same period in 2023 – up by 50.1% y-o-y.
Alba reported basic and diluted earnings per share of fils 48 for Q2 2024 versus basic and diluted earnings per share of fils 21 in Q2 2023. The total comprehensive income for Q2 rose to BD66.7 million ($177.4 million) from BD32.6 million ($86.8 million) last year, thus registering a growth of 104.5% year-on-year.
On the first half performance, Alba said it had recorded robust growth for the six-month period with a net profit of BD93 million ($247.3 million), up 20.2% over last year's figure of BD77.4 million ($205.7 million) for the same period in 2023.
Total equity as of June 30, 2024 stood at BD1.86 billion ($4.9 billion), up 4% when compared to BD1.8 billion ($4.7 billion) as of December 31, 2023.
Alba’s total assets as of June 30, 2024 surged 3% to BD2.63 billion ($7 billion) from BD2.5 billion ($6.79 billion) as of December 31, 2023.
The aluminium industry giant's top-line and bottom-line were driven by LME prices which increased 11% YoY in Q2 and 1% in H1. However, lower premiums, down 21% in Q2 and 32% in H1 compared to the previous year, partially offset these gains.
Alba reported basic and diluted earnings per share of fils 66 for H1 2024 versus basic and diluted earnings per share of fils 55 for the same period in 2023.-TradeArabia News Service
