Aluminium Bahrain (Alba) has said that the year 2021 was truly a `golden year’ for the company with its best-ever recorded performance in five decades.

Addressing the company’s Annual General Meeting (AGM), which was held virtually, Alba Board of Directors Chairman Shaikh Daij bin Salman bin Daij Al Khalifa said: “We have set a precedent in our operational and financial performance by going above and beyond on the production, environment, social and governance (ESG) fronts as well as net profit.  As we sail into 2022, we aim to capitalise on the current market pulse to drive more returns to our shareholders all the while reduce our leverage.”

Alba earlier reported a profit of BD451.9 million ($1,202 million), up by 4,532 per cent YoY, to enter the $1 billion-club for net profit for the first time in Alba’s history, as well as topping $1.636 billion for EBITDA.

“As we witness Bahrain’s steady recovery from the challenges of Covid-19 pandemic, I give my utmost thanks to the leadership and the Government of Bahrain for ensuring the safety of the people -- citizens and residents,” stated Shaikh Daij.

The AGM approved the distribution of cash dividends to shareholders at 79.71 fils per share (inclusive of the interim dividends of 26.57 fils per share which was already distributed on November 23, 2021), corresponding to BD112,812,936 for the year-ended December 31, 2021.

Also, approval was given to transfer BD340,176 thousand to the retained earnings. Approvals were also given to the recommendation of the Board of Directors’ total remuneration of BD420,000 for the year-ended December 31, 2021 and subject to the approval of the Ministry of Industry, Commerce and Tourism.

The 2021 Corporate Governance Report was tabled before the shareholders and KPMG was re-appointed as the company’s external auditors for 2022.