The dividends will be payable from March 15, 2012 to Alba’s shareholders of record as of March 8, 2012.
Aluminium Bahrain (Alba) AGM was held on Thursday at the Gulf International Convention Centre, Gulf Hotel, during which approval was given to the distribution of cash dividends related to the fiscal year 2011.
Audited financial statements for the fiscal year 2011 were approved at the AGM where net profit reached $564 million up by 53% YoY as compared to $ 368 million in 2010.
Approval was also given to the transfer of BD 114.8million to retained earnings and BD 2.3million to statutory reserves as well as to the Directors’ remuneration amounting to BD200, 000 for 2011. The Board was also authorised to specify their remuneration for 2012. It was also agreed to absolve the Directors from any liability in connection with transactions relating to the business and activities of the Company recorded in the 2011 financial statements.
“2011 is a break-through year for Alba – it will be marked as a year in which the company achieved a sound financial performance underpinned by healthy cash flows as well as the highest metal production in the company’s 40-year history.
As a result, the company’s shareholders have been the prime beneficiaries of Alba’s accomplishments in 2011 amid a challenging year,” the Chairman of Alba’s Board of Directors, Mahmood Hashim Al Kooheji said.
“Embarking on 2012, I am confident that Alba is well placed to sustain the path of Continuous Improvement & Operational Efficiency through the leadership of the management team and its skilful workforce.”
At the AGM, it was also decided to re-appoint both the Bahrain Bourse the company’s official share registrar – as well as the company’s External Auditors.