Aluminium Bahrain (Alba) has declared fresh dividend for 2012 amounting BD39.6 million ($105 million) and equivalent to 28 per cent of the nominal value of the company’s shares – half of which was distributed in August 2012.
The aluminium giant’s Annual General Meeting (AGM) was held today (March 7) at the Gulf Hotel.
The dividend will be payable from March 20 to Alba's shareholders of record as of March 7, 2013.
Approval was given to the minutes of the previous Ordinary General Meeting held on March 8, 2012. The report of the Board of Directors for the year 2012 was discussed and approved while the Auditors Report for the year ended December 31, 2012 was reviewed during the meeting.
Audited financial statements for the fiscal year 2012 were approved at the AGM where net profit reached $257 million.
Approval was also given to the transfer of BD56.6 million to retained earnings as well as to the Directors’ remuneration amounting to BD190,000 for 2012. The Board was also authorised to specify their remuneration for 2013.
It was also agreed to absolve the Directors from any liability in connection with transactions related to the business and activities of the company recorded in the 2012 financial statements.
“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,” said Mahmood Hashim Al Kooheji, Alba’s chairman.
“The company was able to demonstrate a resilient financial performance in light of the LME prices fluctuations where its net profit amounted to $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,” he added.
Leading professional services firm Ernst & Young was approved to continue as the company’s external auditors for the fiscal year in 2013.