Alba approves total dividends of USD200m

31 Mar 2011

(MENAFN) Alba’s chairman Mahmood Al Kooheji said that the company’s board of directors approved cash dividends at USD1.4 per share, totaling to USD200 million, reported Gulf Daily News.

The chairman said that the board instructed the transfer of USD36.658 million to statutory reserves and USD128.5 million to retained earnings.

The chairman also said that the company had promising forecasts for this year. Last year’s net profit stood at USD368 million, thus registering a 267 percent year-on-year increase.

It is worth noting that Alba operates in the field of aluminum production. The company benefited last year from the recovery the aluminum sector witnessed.

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