Alba had a good third quarter thanks to the improving economic environment in the world.
The smelter attributed its better-than-expected performance to a good market sentiment driven by the aluminum supply disruptions from China and tight physical market which has driven LME price to reach a ten year high of $2700 per metric tonnes.
In the banking sector, Ahli United Bank (AUB) and Al Baraka Banking Group (ABG) posted robust Q3-2021 net profits pulling up the total net profits of the sector during the quarter which saw a 58.1pc overall increase to $301.8m.
AUB reported Q3-2021 net profit of $152.1m as compared to $115.9m during Q3-2020.
The bank’s net profits improvement was driven by an increase in net interest income and a lower net provision charge for credit losses.
Moreover, profits in ABG improved 85pc to $36.8m during Q3-2021 up from $19.9m in Q3-2020.
Profits for the telecom sector showed only marginal growth of 8.5pc YoY reflecting 4.2pc growth in profits for Zain Bahrain and 8.9pc growth reported by Batelco.
The consumer services sector swung to a profit of $0.4m from a loss of $8.3m during Q3-2020.
This was one of the worst affected sectors during the pandemic last year.
National Hotels and Gulf Hotels Group reported profits during Q3-2021 as compared to a loss during Q3-2020.
Bahrain Family Leisure reported a smaller loss during Q3-2021 whereas Banader hotel reported a steeper loss of $1.85m versus $1.7m in Q3-2020.
The positive trend was even more amplified in market performance for the GCC region as a whole, with aggregate net profits reported by listed companies reaching a new record high of $55.5 billion during Q3-2021, an increase of 123.4pc YoY and 22.7pc quarter-on-quarter.
The increase reflected positive earnings growth across the seven exchanges in the region with Kuwait leading during the quarter led by an aggregate net profit of $5.6bn, nearly six-fold higher.
The Covid-19 pandemic has largely remained under control over the last few months with declining cases as well as due to a fast-paced vaccination effort in the GCC.
As a result, bulk of the economic sectors are back at prepandemic capacities barring a few that include tourism and hospitality.
The sector performance chart once again saw a repeat of the second quarter with energy, banks and materials companies leading the growth.
The transportation sector was next with a net profit of $3.34bn in Q3-2021 vs. $0.04bn in Q3-2020, on the other hand, the telecom sector reported a YoY fall in profits.
Net profits for 9M-2021 more than doubled to $139.1bn as compared to $65.6bn during 9M-2020.
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