Alba swings to $335m Q3 net profit; revenue up 48pc
MANAMA, October 31, 2021
Aluminium Bahrain (Alba), the world’s largest aluminium smelter excluding China, has reported a profit of BD125.9 million ($335 million) for the third quarter, up by 1,184 per cent year-on-year compared to a loss of BD11.6 million ($30.9 million) for the same period last year.
Announcing the results for the July to September period, Alba said its gross profit surged to BD157.4 million ($418.5 million) from BD25.7 million ($68.3 million) last year, thus registering a 513% year on year growth.
The Bahraini aluminium giant's revenue too witnessed a solid growth for the three-month period hitting BD388.9 million ($1.03 billion), up 48 per cent over last year's figure of BD262.7 million ($698.6 million).
Alba's basic and diluted earnings per share stood at 89 fils for Q3 compared to the basic and diluted loss per share of fils 8 for the same period in 2020. The total comprehensive income for Q3 stood at BD126.4 million ($336.1 million) versus total comprehensive loss of BD11.7 million ($31.1 million) – up by 1,181% YoY.
On the performance for the nine-month period, Alba said it has recorded a profit of BD270.7 million ($720 million), versus a loss of BD22.2 million ($59.1 million) last year.
The company also reported its basic and diluted earnings per share of fils 191 for the nine months versus basic and diluted loss per share of fils 16 for the same period in 2020.
Alba’s total comprehensive income for the January to September period surged by 974% to hit BD275.5 million ($732.7 million) compared to a total comprehensive loss of BD31.5 million ($83.8 million) in the same period of 2020.
The gross profit for the nine months was BD361.5 million ($961.5 million) versus BD80.9 million ($215.1 million) last year– up by 347% YoY.
Alba generated in the nine months of 2021 revenue of BD1,061.5 million ($2.82 billion) versus BD782.6 million ($2.081 billion) in the same period of 2020 - up by 36% YoY.
The gross profit for the nine months was BD361.5 million ($961.5 million) versus BD80.9 million ($215.1 million) in the same period of 2020 – up by 347% YoY. Alba generated in the nine months of 2021 revenue of BD1,061.5 million ($2,823.2 million) versus BD782.6 million (US$2,081.5 million) in the same period of 2020 - up by 36% YoY.
Total equity as of September 30, 2021 stood at BD1.35 billion ($3.6 billion), up by 26%, versus BD1.08 billion ($2.87 billion) as of 31 December 2020. Alba’s total assets as of 30 September 2021 were BD2.6 billion ($6.8 billion) versus BD2.35 billion ($6.2 billion) as at 31 December 2020 - up by 9%.
Alba’s top-line were driven in by higher LME prices (55% YoY in Q3 2021 and 46% YoY in 9 months of 2021) and partially offset by lower Sales’ volume (a drop of 7% YoY in Q3 2021 and 5% YoY in 9 months of 2021) while the bottom-line for Q3 and 9 months of 2021 was driven by higher top-line and partially impacted by higher Selling and Distribution Expenses.
