Aluminium Bahrain Reports Strong Q2 2024 Earnings, Announces Interim Dividend
Aluminium Bahrain (Alba), one of the world's largest aluminium smelters, has posted a significant profit increase for the second quarter of 2024, reporting BD68.5 million (US$182.2 million), up 129.2% compared to BD29.9 million (US$79.5 million) in the same period in 2023. The company also reported Basic and Diluted Earnings per Share of fils 48 for Q2 2024, up from fils 21 in Q2 2023.
Alba's Total Comprehensive Income for Q2 2024 reached BD66.7 million (US$177.4 million), a 104.5% increase from BD32.6 million (US$86.8 million) in the same quarter last year. Gross Profit also surged, standing at BD102 million (US$271.2 million), up 50.1% from BD67.9 million (US$180.6 million) in Q2 2023. Revenue from contracts with customers in Q2 2024 rose by 5.2% YoY to BD407 million (US$1,082.3 million) from BD387 million (US$1,029.4 million) in Q2 2023.
For the first half of 2024, Alba reported a profit of BD93 million (US$247.3 million), marking a 20.2% increase from BD77.4 million (US$205.7 million) in the same period in 2023. Basic and Diluted Earnings per Share for H1 2024 were fils 66, up from fils 55 in H1 2023. The company’s Total Comprehensive Income for H1 2024 was BD94.4 million (US$251 million), a 35.4% increase from BD69.7 million (US$185.4 million) in H1 2023. Gross Profit for H1 2024 was BD159.2 million (US$423.5 million), up 7.7% YoY from BD147.8 million (US$393 million) in H1 2023. However, revenue from contracts with customers slightly decreased by 2% YoY, totaling BD741.5 million (US$1,972.1 million) compared to BD757 million (US$2,013.2 million) in H1 2023.
As of June 30, 2024, Alba's Total Equity stood at BD1,861.2 million (US$4,950.1 million), a 4% increase from BD1,789.2 million (US$4,758.6 million) as of December 31, 2023. Total Assets also grew by 3% to BD2,631.1 million (US$6,997.5 million) from BD2,553.6 million (US$6,791.4 million) at the end of 2023.
The company's strong financial performance was driven by a rise in London Metal Exchange (LME) prices, which increased 11% YoY in Q2 2024 and 1% in H1 2024. However, these gains were partially offset by lower premiums, which dropped 21% in Q2 and 32% in H1 compared to the previous year.
