Alba net income jumps 111 pc in first half of 2017
Manama : Aluminium Bahrain (Alba) yesterday announced financial results for the second quarter and first half of 2017, reporting that its top-line and bottom-line performances were driven by higher LME prices (an increase of 22 per cent YoY) and favourable management performance.
Alba also said that its shareholders have approved dividend of BD 29.6 million (US$ 78.7m) during the AGM on 21 March 2017 and were paid from April 02,
2017.
For the second quarter, the company reported total sales of BD179.3m (US$476.9m), up 8pc YoY from BD165.7m (US$ 441m) recorded in the same period in 2016.
Net Income for the quarter was BD17.7m (US$47.1m), up by 8.5pc YoY, compared to BD16.3m (US$43. 4m) in Q2 2016.
With a broad positive macroeconomic backdrop, stable investor sentiment and improving industry fundamentals, the world consumption, according to Alba, grew by 6pc Year-on-Year (YoY) while world production was up by 9pc YoY.
In the first half of 2017, total sales stood at BD369.7m (US$983.3m), up by 15pc YoY, versus BD322.2m (US$856.8m) in H1 2016.
Net Income for the period rose by 111pc YoY to BD43.3m (US$115.2m) versus BD20.5m (US$54.5m) for the same period in 2016.
Sales and Production volumes down by 3.9pc YoY (453,089 mt) and 4.5pc YoY (453,395 mt). Alba Value-Added Sales averaged 58pc of total shipments versus 54pc in H1 2016
Commenting on the results, the Chairman of Alba’s Board of Directors, Daij bin Salman bin Daij Al Khalifa said: “Alba improved its bottom-line despite the impact of the power outage.”
Alba’s Chief Executive Officer, Tim Murray added: “We delivered exceptional results taking into account the strain that Line 5 recovery put on our operations.”
Alba’s Management will be holding a conference call tomorrow to discuss Alba’s performance for the second quarter and first-half of 2017 as well as outline the Company’s priorities for the remainder of 2017.
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