Bahrain's Alba to pay dividends to shareholders
Annual General Meeting approves $105m cash pay outs
Aluminium Bahrain (Alba), one of the largest aluminium smelters in the world, has said it will pay its shareholders $105m cash dividends.
The sum was agreed at Alba's Annual General Meeting this month and will come from cash dividends related to the 2012 fiscal year.
The dividends were equivalent to 28% of the nominal value of the company's shares - 28 fils per share of which 14 fils was already distributed to the shareholders in August 2012. It will be payable to Alba shareholders as of 20 March, 2013.
Audited financial statements for the 2012 fiscal year were approved at the AGM where net profit reached $257m.
Commenting on the declaration of cash dividends, Mahmood Hashim Al Kooheji, chairman of Alba's board of directors said: "2012 proved to be another successful year - Alba was marked by a break-through record in production of 890, 217 metric tonnes on the back of continued focus on the efficiency of our operations.
"The company was able to demonstrate a resilient financial performance in light of the LME prices fluctuations where its Net Profit amounted to US$ 257 million. Our shareholders are the prime beneficiaries of Alba’s achievements in 2012 and the dividends remain a tangible indicator of the company’s success story.
"As we move forward in 2013, I am confident that the company will continue to perform through the leadership of the management team and its skilful workforce.”
Alba produces more than 890,000 metric tonnes per annum of aluminium which meet or exceed the industry standard for purity, with products including standard and T-ingots, extrusion billets, rolling slab, propertzi ingots, and molten aluminium.