Bahrain – Aluminum Bahrain (Aruba), one of the world’s largest aluminum smelters, reported third-quarter profit of BD17.3 million ($46 million), mainly due to weaker LME prices (down $8) This resulted in a 64% decrease compared to the previous year. %) and insurance premiums will be lower. Meanwhile, revenue for the third quarter of 2022 reached BD400 million ($1.06 billion), a decrease of 0.8% year-on-year.
Announcing its financial results for the three months ended September 30, 2023, Aruba reported total comprehensive income for the third quarter of 2023 of BD20.7 million ($55.2 million) compared to the third quarter of 2022. reported total comprehensive income of BD58.2 million ($154.8 million) – a 64% decrease year-on-year.
It said gross profit for the third quarter of 2023 was BD48.6 million ($129.3 million), compared to BD79 million ($210.2 million) for the same period in 2022, a 38% decrease year-on-year. .
The company reported fils 12 basic and diluted earnings per share for the third quarter of 2023 and fils 34 basic and diluted earnings per share for the same period in 2022.
For the nine months of 2023, Alba reported a profit of BD94.6 million ($251.7 million). This was a 75% decrease compared to the profit of BD376.7 million ($1 billion) in the same period in 2022. the company reported. Underlying earnings and diluted earnings per share for the nine months of 2023 were fils 67, compared to underlying earnings and diluted earnings per share of fils 266 for the same period in 2022.
Aruba reported total comprehensive income of BD105 million ($267.3 million) for the nine-month period, compared to total comprehensive income of BD416.1 million ($1.1 billion) in the same period last year. It was announced that there was a 75.8% decrease compared to the previous year. 2022.
Gross profit for the nine months of 2023 was BD 196.4 million ($522.3 million), compared to BD 465 million ($1.23 billion) for the same period in 2022, a decrease of 57.8% year over year. Did.
Alba generated revenue of BD1.1 billion ($3.1 billion) in the nine-month period. In comparison, its revenue for the same period in 2022 was BD1.3 billion ($3.6 billion), down 16% year-on-year.
Total capital as of September 30, 2023 was BD 1.7 billion ($4.7 billion), a decrease of 2.7% compared to BD 1.8 billion ($4.8 billion) as of December 31, 2022.
Aruba’s total assets as of September 30, 2023 were BD 2.63 billion ($7 billion), an increase of 0.6% compared to BD 2.6 billion ($6.96 billion) as of December 31, 2022. .
Alba said economic growth in key markets remained under pressure in the third quarter as tight monetary policy weighed on household spending and commodity consumption.
Sales and earnings are driven by lower LME prices (down 8% y-o-y in Q3 2023 and 20% y-o-y in nine months of 2023) and lower premiums (down 8% y-o-y in Q3 2023) (down 39%, up 36% year-on-year in the first nine months of 2023).
Regarding the Middle East, Alba said demand was up 7% year-on-year, supported by increased consumption in the UAE and Saudi Arabia.
Despite the slowdown in demand, global primary production was boosted by increased production in China and the Americas.
Aluminum consumption contracted (down 3% year-on-year) due to slower economic growth and higher inflation in Europe.
Despite the slowdown in demand, global primary production was boosted by increased production in China and the Americas.
Commenting on key business highlights for the period, Alba said production in the third quarter was 409,445 tonnes (MT), an increase of 1% year-on-year. Meanwhile, sales volume for the nine-month period increased to 1,213,325 tons, recording a year-on-year growth of 2%.
Sales volume increased to 430,351 tonnes in the third quarter, registering 17% year-on-year growth. Meanwhile, sales for the nine-month period soared to 1.18 million tons, an increase of 7% year-on-year.
Alba said value-added sales jumped 68% compared to 67% in Q3 2022. Meanwhile, in nine months, sales increased by 67%.
A key highlight of the third quarter was the debut of a new alloy in Alba’s product portfolio, 6060.HE, as a member of the AA6060 alloy family exclusively for the company’s extruder customers.
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