Alba announced that it has maintained its position amidst a mixed macroeconomic backdrop and delivered a strong performance in the second quarter over many operational metrics:
– Production reached 405,628 metric tonnes (MT), an increase of 9,085 (MT) versus Q2 2022
– Sales’ volume topped 392,258 MT, up by 3,816 MT versus Q2 2022
– Value Added Products touched 70% of Total Sales (70% in Q2 2022) underlining a solid demand for these Products
This performance would have allowed them to beat Q2 2022 financial performance if LME prices and premia were to remain the same (LME prices and premia combined have dropped by 61% Year-over-Year).
The financial resilience has allowed Alba to return capital to the shareholders with Fils 13.28 per share as an interim cash dividend amounting to BD18,801,617.
“As we look forward, we remain optimistic to stay on course as we progress with Line 7’s Feasibility Study,” Shaikh Daij Bin Salman Bin Daij Al Khalifa, Chairman of Alba’s Board of Directors, said.
Alba has reported a Profit of BD29.9 million ($79.5 million) for the second quarter of 2023, down by 83.6% Year-over-Year (YoY), versus a Profit of BD181.9 million ($483.9 million) for the same period in 2022.
The Company reported Basic and Diluted Earnings per Share of fils 21 for Q2 2023 versus Basic and Diluted Earnings per Share of fils 128 for Q2 2022.
The Total Comprehensive Income for Q2 2023 stood at BD34.4 million ($91.5 million) versus the Total Comprehensive Income for the second quarter of 2022 of BD201.9 million ($536.9 million) – down by 83% YoY. Gross Profit for Q2 2023 was 67.9 million ($180.6 million) versus BD208 million ($553.2 million) for the same period in 2022 – down by 67% YoY.
With regards to the Revenue from contracts with customers in Q2 2023, Alba generated BD387 million ($1,029.3 million) versus BD520.4 million ($1,384 million) in Q2 2022 – down by 25.6% YoY.
For the First Half of 2023, Alba has reported a Profit of BD77.4 million ($205.7 million), down by 76.5% YoY versus a Profit of BD328.7 million ($874.3 million) for the same period in 2022.
The Company reported Basic and Diluted Earnings per Share of fils 55 for H1 2023 versus Basic and Diluted Earnings per Share of fils 232 for the same period in 2022.
Alba’s Total Comprehensive Income for H1 2023 was BD79.8 million ($212.2 million), down by 78% YoY, compared to a Total Comprehensive Income of BD357.9 million ($951.8 million) in H1 2022.
Gross Profit for the First Half of 2023 was BD147.8 million ($393 million) versus BD386 million ($1,026.7 million) in H1 2022 – down by 62% YoY.
Alba generated in H1 2023 Revenue from contracts with customers of BD757 million ($2,013.2 million) versus BD975.3 million ($2,593.9 million) in H1 2022 – down by 22.4% YoY.
Total Equity as of June 30 stood at BD1,771.2 million ($4,710.6 million), down by 3%, versus BD1,822.5 million ($4,847 million) as of December 31, 2022.
Alba’s Total Assets as of 30 June 2023 were BD2,669.2 million ($7,099 million) versus BD2,617.2 million ($6,961 million) as of December 31, 2022 – up by 2%.
Ali Al Baqali, Alba’s Chief Executive Officer, said that through the ongoing cost discipline and operational improvements, Alba has performed well despite the bearish market sentiment and delivered a good performance when compared to its peers.
“In a changing macroeconomic landscape, we remain focused to deliver on what we really have control over safety, productivity and cost,” he added.
Source: Bahrain News Agency