The gross profit for Q1 2023 was $212.4mln versus $473.4mln for the same period in 2022
-a drop by 55% YoY. Bahrain - Aluminium Bahrain (Alba) the world’s largest Aluminium smelter ex-China, has reported a profit of BD47.5 million ($126.2 million) for the first quarter of 2023, down 68% Year-over-Year (YoY), versus a Profit of BD146.8 million ($390.4 million) last year.
Announcing the results for the first three month ended March 31, 2023, Alba said its total comprehensive income for Q1 stood at BD45.4 million ($120.7 million) versus BD156 million ($415 million) for the same period last year thus registering a drop of 71% YoY.
The gross profit for Q1 2023 was BD79.9 million ($212.4 million) versus BD 178 million ($473.4 million) for the same period in 2022—a drop by 55% YoY.
With regards to the revenue from contracts with customers in Q1, Alba generated BD370 million ($984 million) versus BD455 million ($1,210 million) in Q1 2022 – a drop by 19% YoY, it stated.
Alba also reported basic and diluted earnings per share of fils 34 for Q1 2023 versus fils 104 for the same period in 202
Total Equity as of March 31, 2023 stood at BD1,738.3 million ($4,623 million), a drop by 5%, versus BD1,822.5 million ($4,847 million) as of December 31, 2022. Alba’s total assets as of March 31, 2023 stood at BD2.68 billion ($7.13 billion) versus BD2.61 billion ($6.96 billion) as of December 31, 2022 – an increase by 2%.
Alba said its top-line and bottom-line were driven by lower LME prices (27% YoY) and premiums (27% YoY).
The key industry highlights of the three-month period ended March 31, 2023 include: Achieving a safety milestone clocking 8 million safe working hours without LTI on March 6 and completion of procurement and foundation works for Block 4 Project main equipment.
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
