Alba approves 67pct dividend

Gulf News reported that Aluminium Bahrain's shareholders agreed to a dividend payment amounting to BHD 94.7 million which are equivalent to 67% of the nominal value of the company's shares at 67 fils per share of which 27 fils were already distributed to the shareholders in August.

The decision was taken at the annual general meeting at the Gulf Convention Centre, Gulf Hotel. The dividend will be payable from March 15th 2012 to Alba's shareholders of record as of March 8th 2012.

The 2011 corporate governance report was tabled before the shareholders. Approval was given to the minutes of the previous ordinary general meeting held on March 30th 2011.

Audited financial statements for the fiscal year 2011 were approved at the meeting where net profit reached USD 564 million up by 535 compared to USD 368 million in 2010.

Approval was also given to the transfer of BHD 114.8 million to retained earnings and BHD 2.37 million to statutory reserves as well as to the directors' remuneration amounting to BHD 200,000 for 2011.

Mr Mahmood Al Kooheji chairman of Alba said that "Last year was a breakthrough 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.”

He said that embarking on 2012, I am confident that Alba is well placed to sustain the path of continuous improvement and operational efficiency through the leadership of the management team and its skilful workforce.