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Alba’s AGM approves BD39m dividend

March 7, 2013
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Approval was given to the distribution of cash dividends amounting to BD39.6 million ($105 million) equivalent to 28% of the nominal value of the company’s shares The dividends will be payable from March 20, 2013 to Alba’s shareholders of record as of March 7, 2013 Aluminium Bahrain’s Annual General Meeting (AGM) was held on Thursday during which approval was given to the distribution of cash dividends related to the fiscal year 2012. The dividends for 2012 amounted BD 39.6 million (US$ 105 million) and were equivalent to 28% of the nominal value of the company’s shares equal to 28 fils per share of which 14 fils was already distributed to the shareholders in August 2012. The dividend will be payable from March 20, 2013 to Alba's shareholders of record as of March 7, 2013. The 2012 Corporate Governance Report was tabled before the shareholders. 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 US$ 257 million. Approval was also given to the transfer of BD 56.6 million to retained earnings as well as to the Directors’ remuneration amounting to BD190000 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. “The year 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,” the Chairman of Alba's Board of Directors, Mahmood Hashim Al Kooheji said. The company was able to demonstrate a resilient financial performance in light of the LME prices fluctuations where its net profit amounted to US$ 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.” At the end of the AGM, Ernst & Young was approved to continue as the company’s external auditors for the fiscal year in 2013. 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 890,000 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. It has also maintained a strong track record of operational safety and environmental compliance. Chairman’s of Alba Board of Directors, Mahmood Hashim Al-Kooheji (centre) addressing Alba’s Annual General Meeting held on Thursday

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