Aluminium Bahrain’s (Alba) Annual General Meeting (AGM) today approved the distribution of cash dividends amounting to BD94.712 million (US$252 million) related to the fiscal year 2011.

The dividends are equivalent to 67 per cent of the nominal value of the company’s shares - 67 fils per share, of which 27 fils was already distributed to the shareholders in August 2011.

The dividend will be payable from March 15, 2012 to Alba's shareholders of record as of March 8, 2012, said a statement. 

The company’s 2011 Corporate Governance Report was also tabled before the shareholders at the meeting held at the Gulf International Convention Centre, Gulf Hotel,

The meeting also approved audited financial statements for the fiscal year 2011 which showed a net profit of $564 million, up by 53 per cent YoY as compared to $368 million in 2010.

Approval was also given to the transfer of BD114,819,000 to retained earnings and BD2,371,000 to statutory reserves as well as to the directors’ remuneration amounting to BD200,000 for 2011.  The Board was also authorised to specify their remuneration for 2012. 

It was also agreed to absolve the directors from any liability in connection with transactions relating to the business and activities of the company recorded in the 2011 financial statements, the statement said.

Alba board chairman Mahmood Hashim Al Kooheji said: “2011 is a breakthrough year for Alba - it will be marked as a year in which the company achieved a sound financial performance underpinned by healthy cash flows as well as the highest metal production in the company’s 40-year history.

“As a result, the company’s shareholders have been the prime beneficiaries of Alba’s accomplishments in 2011 amid a challenging year,” he said.

“Embarking on 2012, I am confident that Alba is well placed to sustain the path of continuous improvement and operational efficiency through the leadership of the management team and its skilful workforce,” he added. – TradeArabia News Service