The Chairman of Alba’s board of directors, Mahmood Hashim Al Kooheji announced the results following the first quarterly meeting of the board of directors and said that smelter recorded a net income of $368 million in the same year as against a loss on $220 million in 2009. EBITDA was at $552 million in 2010 as compared to $203 million in 2009. Alba board also announced a cash windfall of $238 million for 2010 compared to $56 million in 2009.
The board praised the initiatives taken by the Alba management in steering the company towards greater productivity and increased profitability in the face of strong recovery experienced by the aluminium industry in 2010.
The board expressed confidence that the company would continue to demonstrate its commitment to achieve operational efficiency, global competitiveness and increased transparency.
The board also approved the full year and fourth quarter results for 2010, which were presented by Alba’s Chief Executive, Laurent Schmitt and Alba’s Chief Financial Officer, Tim Murray.
The Board announced its recommendation to distribute cash dividends at 54.39% of the total paid up capital of the company, excluding treasury shares, which is 53 fils per share, to the shareholders who are appearing in the company’s register of shareholders as at the AGM scheduled to be held on Wednesday, March 30, 2011.
This recommendation of cash dividend distribution is subject to the regulators’ and shareholders’ approval at the AGM.
“Alba remains firmly positioned in gaining global leadership in the aluminium industry as the company capitalises on the opportunities available through the recovery of demand for aluminium in 2010,” Al Kooheji told the meeting.
“There has been an increased focus on expanding the global footprint of Alba’s portfolio of high-value aluminium products, greater emphasis on continuous improvement processes, and in delivering results to our growing list of shareholders who have keenly demonstrated their trust in Alba’s ability to maintain and exceed growth targets,” he said.
“The encouraging results of the full year and fourth quarter 2010 indicate that the company remains on track in meeting some of its plans for expansion and in bolstering overall organisational performance. I like to congratulate both the Alba management and employees in the successes gained in 2010, and am positive that through greater collaborative efforts, we will experience many more achievements in 2011.”
The Alba board of directors comprises six directors appointed by Bahrain Mumtalakat Holding Company, which in addition to the Chairman of the Board, Al-Kooheji, include Fawzi Ahmed Kanoo, Yusuf Abdulla Taqi, Shaikh Mohammed bin Khalifa Al Khalifa, Osama Mohammed Al Arrayedh, and David Meen. The two directors appointed by Sabic Industrial Investments Company are Mutlaq H. Al Murished andHumood Abdulla Al Towaijri, and the independent director, Abdul Aziz Al Humaid.
The meeting was attended by Alba’s Chief Executive, Laurent Schmitt, Alba’s Chief Financial Officer, Tim Murray, Alba’s Chief Supply Chain Officer and Acting Chief Operations Officer, Isa Al Ansari, Chief Marketing Officer, Jean Baptiste Lucas, and other company officials.
Alba Chairman Mahmood Hashim Al Kooheji expressed his sincere thanks and appreciation to the Government of Bahrain, led by His Majesty King Hamad bin Isa Al Khalifa, His Royal Highness the Prime Minister Prince Khalifa bin Salman Al Khalifa, and His Royal Highness the Crown Prince and Chairman of the Bahrain Economic Development Board, Prince Salman bin Hamad Al Khalifa.
Al Kooheji also expressed his gratitude for the continuous support of the Kingdom of Saudi Arabia and the Custodian of the Two Holy Mosques King Abdullah bin Abdul-Aziz Al Saud. He also thanked the Bahrain Mumtalakat Holding Company, Sabic Industrial Investments Company and all their representatives for their contributions to Alba’s success.
Alba has been consistently ranked as one of the largest aluminium smelters in the world, and is known for its technological strength, global competitiveness and innovative policies. Alba produces more than 860,000 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.