Aluminium Bahrain (Alba) has approved a total dividend of BD15.5 million ($41.3 million) for the fiscal year 2015, at its annual general meeting (AGM) held today (March 16).

The total dividend is equivalent to 11 per cent of the nominal value of the company’s shares, which is 11 fils per share, of which 5.5 fils (interim dividend) has already been distributed to the shareholders in September 2015, said a statement from Alba.

The company approved a final cash dividend of BD7.8 million ($20.6 million) for 2015, which will be payable from April 3 to Alba’s shareholders of record as of March 16, it added.

Additionally, audited financial statements for the fiscal year 2015 were approved at the AGM. Approval was also given to the transfer of BD44.4 million ($ 118.1 million) to retained earnings as well as to the directors’ remuneration for the fiscal year 2015, it said.

Furthermore, the board was authorised to specify their remuneration for 2016.  

Shaikh Daij Bin Salman Bin Daij Al Khalifa, chairman of Alba's board of directors, said: “2015 was a challenging year for the aluminium industry due to the low London Metal Exchange (LME) prices and difficult market conditions, but the company was able to generate profit and distribute cash dividends to its shareholders.”

“As we move ahead in 2016, Alba remains on track with Line 6 Expansion Project,” he added. – TradeArabia News Service