Shaikh Daij: strong performance

Shaikh Daij: strong performance

Alba bounces back stronger

01 August 2018

Aluminium Bahrain (Alba), the Bahrain-based aluminium smelter, has bounced-back with a strong performance in the first half of this year, recording a surge in its net profit and a double-digit increase in its production and sales volume. 

Alba’s net income surged 65 per cent in the second quarter of this year to BD29.1 million ($77.4 million), compared to BD17.7 million ($46.9 million) for the same period in 2017.

Alba’s top-line and bottom-line for the second quarter and first-half of 2018 were primarily driven by higher sales volume, higher London Metal Exchange (LME) prices (an increase of 18 per cent YoY) and the impact of Line 5 recovery in Q2 2017, said a statement from the company.

The company’s total sales/revenues reached BD244 million ($648.9 million) in Q2, up by 36 per cent year-on-year (YoY), compared to BD179.3 million ($476.9 million) in the same period last year, it said.

The net profits jumped 46 per cent to BD63 million ($167.5 million) in the first half of this year, compared to BD43.3 million ($115 million) in H1 2017.

The total sales/revenues reached BD465.2 million ($1.237 billion) in H1, up by 26 per cent YoY, compared to BD369.7 million ($983.3 million) in the same period last year. Earnings per share were fils 44 versus fils 31 in H1 2017, said the statement.

Murray: aiming to maintain the momentum

Murray: aiming to maintain the momentum

The company closed the second quarter of 2018 by achieving the best-ever production and metal sales’ volume. production topped 252,081 metric tonnes (mt), up by 23 per cent YoY, while sales volume jumped by 19 per cent YoY to reach 249,595 mt versus 210,157 mt in Q2 2017.

Alba’s chief executive officer Tim Murray, said: “Thanks to our resilience, we have bounced-back stronger with double-digit increase in our production and sales volume.  We aim to continue with the same momentum we kicked-off this year to finish 2018 stronger.”

The company said its priorities for 2018 include: continued focus on safety initiatives; deliver on Project Titan - Phase III (2018: 1 million mt and $60/t); leverage strong demand on value-added sales; focus on future upstream opportunities; prepare for the start-up of Line 6: close final part of second ECA-covered facility tranche; award remaining packages within second half of the year.

Shaikh Daij Bin Salman Bin Daij Al Khalifa, chairman of Alba’s board of directors, said: “Our company delivered a strong performance in the first half of this year. As we are half-way through the year, we remain fully committed to achieve our targets on the Line 6 Expansion Project.”

Murray added: “As we are facing many headwinds in the market in particular the impact of higher alumina prices, we will be focused on our Project Titan Program as well as increase our production to offset the market challenges in the second half of this year,” he said.

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