Investment Rating - Industry rating: Recommended [8] Core Insights - In Q3 2024, the production of Bahrain Aluminum was 402,568 tons, a year-on-year decrease of 2% [2] - Sales in Q3 2024 reached 431,220 tons, showing a slight year-on-year increase of 0.2% [3] - The company's value-added sales accounted for 72% in Q3 2024, up from 68% in Q3 2023 [4] - The cost improvement plan, e-Al Hassalah, achieved savings of $51.24 million, with a target of $60 million for 2024 [4] Financial Performance - Q3 2024 profit was 54.5 million Bahraini Dinars ($145 million), a year-on-year increase of 215% compared to 17.3 million Bahraini Dinars ($46 million) in Q3 2023 [5] - Basic and diluted earnings per share in Q3 2024 were 39 fils, compared to 12 fils in the same period of 2023 [5] - Comprehensive total income for Q3 2024 was 51 million Dinars ($135.6 million), up 145.7% from 20.8 million Dinars ($55.2 million) in Q3 2023 [5] - Gross profit in Q3 2024 was 83.4 million Dinars ($221.8 million), a 71.6% increase from 48.6 million Dinars ($129.3 million) in Q3 2023 [5] - Revenue from contracts with customers in Q3 2024 was 433.5 million Dinars ($1.1528 billion), compared to 400 million Dinars ($1.0637 billion) in Q3 2023, reflecting an 8.4% year-on-year growth [5] Strategic Updates - On September 16, 2024, Bahrain Aluminum announced a non-binding agreement with Ma'aden to begin due diligence for a potential business merger in the aluminum sector [7] Equity and Asset Growth - As of September 30, 2024, total equity was 1.8857 billion Dinars ($5.015 billion), a 5.4% increase from 1.7892 billion Dinars ($4.7586 billion) at the end of 2023 [6] - Total assets as of September 30, 2024, were 2.6596 billion Dinars ($7.0735 billion), up 4.2% from 2.5536 billion Dinars ($6.7914 billion) at the end of 2023 [6]
有色金属海外季报：巴林铝业2024Q3铝产量为40.26万吨，销量为43.12万吨，实现利润1.45亿美元
HUAXI Securities·2024-12-05 08:10