Shaikh Daij chairs the board of directors’ meeting
Aluminium Bahrain (Alba) reported a net income of BD25.8 million ($68.5 million) for the third quarter of 2017, up 80 per cent compared to BD14.3 million ($38.1 million) reported in Q3 2016.
The net income for the nine months of 2017 rose by 98 per cent to BD69 million ($183.5 million) versus BD34.8 million ($92.6 million) for the same period in 2016.
Alba’s top-line and bottom-line for the third and nine months of 2017 were driven by higher LME prices (an increase of 24 per cent year-on-year) and the speed of recovery of Line 5 operations.
Alba’s total sales for the third quarter of 2017 jumped by 35 per cent year-on-year (YoY) to BD235.3 million ($625.8 million) versus BD174.3 million ($463.5 million) in Q3 2016. For the nine months of 2017, total sales stood at BD605 million ($1.609 billion), up by 22 per cent YoY, versus BD496.5 million ($1.32 billion) for the same period in 2016.
Alba’s sales and production volume were up by 0.5 per cent YoY (247,540 metric tonnes) and 3 per cent YoY (253,475 metric tonnes), respectively. Value-added sales averaged 59 per cent of total shipments in Q3.
Alba said its Line 6 Expansion Project is on track with overall progress of 30 per cent from inception till to-date [engineering advanced by more than 60 per cent while contracts and procurement by more than 75 per cent].
Alba Chairman Shaikh Daij Bin Salman Bin Daij Al Khalifa said: “I would like to thank all Alba employees and contractors for restoring Line 5 safely. As we move ahead, we also look forward to make solid progress in our flagship development - Line 6 Expansion Project.”
Alba’s chief executive officer Tim Murray added: “Alba set a new benchmark on Line 5 recovery which translated into strong operational results. I would also like to thank our employees and contractors for maintaining safe operations through a difficult summer.”
As the demand growth for aluminium remains healthy, the world consumption rose by 6 per cent year-on-year (YoY). Asian demand continues to be strong, up by 6 per cent YoY, supported by Chinese consumption (+7 per cent YoY), while Mena demand went up by 4 per cent YoY.
