Alba’s Q3 2023 profit records a sharp fall of 64% Y-o-Y despite higher sales volume; Poor LME prices are held responsible

Alba also announced the comprehensive income for Q3 2023, which stood at BD20.7 million ($55.2 million) after experiencing a plunge of 64 per cent from BD58.2 million ($154.8 million) a year ago. The gross profit was BD48.6 million ($129.3 million), down by 38 per cent Y-o-Y from BD79 million ($210.2 million).

The company reported basic and diluted earnings per share of fils 12 for Q3 2023 compared to fils 34 during the same period in 2022.

Alba’s fiscal earnings fell in Q3 despite a growth in production and sales volume. As per the report, the company’s aluminium production volume rose 1 per cent Y-o-Y, reaching 409,445 tonnes in Q3 2023. In nine months of the year, the output gained 2 per cent over the year to stand at 1.21 million tonnes. Sales volume in Q3 was 430,351 tonnes, up by 17 per cent Y-o-Y; and that in nine months increased by 7 per cent to 1.18 million tonnes.

In nine months of 2023, Alba’s profit decreased by 75 per cent to BD94.6 million ($251.7 million) from BD376.7 million ($1 billion) a year earlier. The comprehensive income also plunged by 75.8 per cent Y-o-Y to stand at BD 100.5 million compared to BD416.1 million ($1.1 billion) in the same period of 2022.