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Reuters reported that Aluminium Bahrain, owner of one of the world’s largest aluminium smelters, reported a 153% jump in Q4 profit as output increased and product prices rose but the firm cut its planned 2014 dividend.

The company made a net profit of PHD 34.6 million in the three months to December 31, up from PHD 13.7 million in the prior year period.

SICO Bahrain had forecast Alba’s quarterly profit would be PHD 31 million.

Alba’s fourth quarter sales rose 21% to PHD 222.2 million which it attributed to higher product prices. On an annual basis, the company’s production expanded 2.1%.

Its annual net profit for 2014 was PHD 96.4 million dinars, up from PHD 79.7 million in 2013. But the company wants to pay a smaller dividend for 2014; it has proposed a total dividend of PHD 37.9 million for last year versus 2013’s payout of PHD 50.7 million. It did not give per share numbers.

In late January, Alba warned that Bahrain would steadily hike prices of natural gas sold to companies, nearly doubling prices from PHD 2.25 per million British thermal units at present to USD 4 per mmBtu in 2021.

Source – Reuters

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