business bites Bahrainthismonth.com September 2024 59 ALBA DISCLOSES 2024 FINANCIAL RESULTS BAHRAIN RECORDS REAL ECONOMIC GROWTH OF 3.3% IN 2024 Aluminium Bahrain B.S.C. (Alba), one of the world’s largest aluminium smelters, has reported a profit of BHD68.5 million (USD182.2 million) for the second quarter of 2024, up by 129.2% Year-over-Year (YoY), versus a profit of BHD29.9 million (USD79.5 million) for the same period in 2023. For the First Half of 2024, Alba has reported a Profit of BHD93 million (USD247.3 million), up by 20.2% YoY versus a profit of BHD77.4 million (USD205.7 million) for the same period in 2023. The Board of Directors of Aluminium Bahrain B.S.C. (Alba) resolved during a virtual Board meeting in August 2024, to recommend the distribution of Interim Dividend as at 30 June, 2024 to the shareholders whose names are registered on the Company’s register on the Record Date. The cash interim dividend is 18.59% of the share nominal value, equivalent to Fils 18.59 per share amounting to BHD26,320,150 (USD70 million). National account estimates issued by the Information & eGovernment Authority reflect that the real GDP of the Kingdom of Bahrain has increased by 3.3% and 3.4% at constant and current prices, respectively, during the first quarter of 2024. The GDP reached BHD3610.8 million at constant prices during the quarter compared to BHD3494.8 million during the corresponding quarter of 2023. The estimates also indicated that the Oil sector grew by 3.4%, while the nonoil sector grew by 3.3% at constant prices. Accommodation and Food Service activities considered one of the largest non-oil activities, achieved a growth rate of 10.7%, followed by Financial and Insurance activities with a growth of 7.4% and Information & Communications with a growth of 6.6% at constant prices. Financial and Insurance activities were the largest non-oil sector contributing to real GDP according to preliminary estimates which recorded 16.7%. This was followed by Manufacturing by 14.8%. It is worth mentioning that the transition to the International Standard Industrial Classification of All Economic Activities, revision four (ISIC4) has been completed in line with local, international and regional requirements, and to keep pace with the global trend of implementing the updated version of the Standard Industrial Guide for Economic Activities issued by the United Nations Department of Economic and Social Affairs.
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