Aluminium Bahrain advances as AGM approves cash dividend

 The Bahrain All Share Index gained for the fourth day straight Thursday, closing 0.32% higher at 1,161.11 points. Aluminium Bahrain or Alba added 1.63%, reaching a three-week high at BD0.63. Earlier in the day the Kingdom's industry leader announced the Annual General Meeting held today approved the distribution of cash dividends amounting to BD94.71m ($252m) equivalent to 67% of the nominal value of the company's shares. Audited financial statements for the fiscal year 2011 were also approved at the AGM where net profit reached $564m, 53% higher to 2010. The Chairman of Alba's Board of Directors, Mahmood Hashim Al Kooheji said: "2011 is a break-through year for Alba - it will be marked as a year in which the company achieved a sound financial performance underpinned by healthy cash flows as well as the highest metal production in the company's 40-year history."