Primary Aluminium News - Market

Alba announces its H2 2013 and Q2 2013 results

AMEinfo.com
Aluminium Bahrain B.S.C (Alba) presents its financial results as per the International Financial Reporting Standards (IFRS) accounting rules. All investors and reporters are asked to read Alba's First Half of 2013 Unaudited Financial Statements.

Alba's results for the First Half as well as Second Quarter of 2013 are summarised below:

Alba Reports H1 and Q2 2013 Results

•Alba improves H1 2013 Net Income despite lower LME prices.
•Aluminium physical demand remains healthy.
•Interim Dividend of BD19.7m ($52.5m) proposed by the Board.

Q2 2013 Industry Highlights:

•Aluminium demand remains healthy with world consumption up by 4.8% year-on-year (YoY). Asian consumption up by 7% YoY propelled by Thailand (+21% YoY) and China (9% YoY). Demand in North America up by 2% YoY supported by higher construction and automotive production. MENA demand remains firm thanks to large infrastructural projects while consumption in Europe has remained stable.

•World production rose by 4.3% YoY and western producers continue to suffer from lower LME price and higher energy cost thus leading to further capacity cuts.

•Aluminium cash prices at the London Metals Exchange dropped by 7% in Q2 2013 with an average cash price of US$ 1,834 mt versus US$ 1,977 mt in Q2 2012.

H1 2013 Alba Highlights:

•Alba increased its sales by 1.9% YoY thanks to a focused marketing strategy while production rose by 2% YoY on the back of strong operational improvements.
•Physical premiums remain strong and Value-Added Products accounted for 66% of total shipments versus 65% in H1 2012.
•Pot Line 5 upgraded to AP37 technology following the increase in line current to 370 kA.
•AlbaSafeWay Programme on pace with a focus on contractor safety awareness plant wide.

H1 & Q2 2013 Financial Results:

Alba's sales for the first six months of 2013 were BD382.6m ($1.017bn) versus BD383m ($1.018bn) in H1 2012, down by 9 basis points on the back of lower LME prices. Sales for the second quarter of 2013 reached BD195.5m ($520m), down by 53 basis point as compared to BD196.5m ($522.7m) for the same period in 2012.

The company posted a Net Income of BD61.2m ($163m) for the first half of 2013, up by 7% from BD56.9m ($151m) for the same period in 2012 due to strong overall operational performance, which was partially offset by lower LME prices. Net Income for the second quarter of 2013 stood at BD20.7m ($55m), a drop of 42% from BD35.6m ($95m) driven by unrealised derivative gains as well as low LME prices.

Commenting on the first half of 2013 results, the Chairman of Alba's Board of Directors, Mahmood Hashim Al Kooheji, said, "Amid the downtrend in LME prices, the company closed the first six months of 2013 with a solid bottom line underpinned by higher productivity levels. I would also like to thank the Executive Management Team for improving overall safety performance in the plant."

Alba's Chief Executive, Tim Murray, added, "Despite challenging global macroeconomic conditions coupled with lower LME prices, Alba was able to deliver a healthy financial performance supported by strong operational performance. Our focus on Continuous Improvement Programme and Operational Excellence initiatives will enable the company to maintain its competitive position and improve its overall performance."

Edited By:


This news is also available on our App 'AlCircle News' Android | iOS


Alternate Text
EPIQ Machinery

A world class equipment designer specialized in developing innovative & effective solutions for heavy equipment, vehicles, and material handling systems

Alternate Text
RIA Cast House Engineering

Leading supplier of rail mounted precision Furnace Charging Machines and Furnace Skimming Machines

Alternate Text
Altek

Leading manufacturer of value-added equipment for the aluminum casthouse

Alternate Text
Jagannath Company

Manufacturers & Supplier of Magnesium Metal and Aluminium Foundry Chemicals

Alternate Text
CETAG

A supplier of proven systems and an expert adviser in aluminum casthouse technology, offering its services worldwide to the aluminum industry.

Related
Business Leads
Interested to buy aluminium ingot A7. Price : CIF China Tr...
22-Mar-2024 Buying request

Interested to buy aluminium ingot. Purity : 97% Destinatio...
21-Mar-2024 Buying request

We are looking for a company that can supply aluminium ingot...
21-Mar-2024 Buying request

Read this news article and much
more on the AL News app
Get real-time news and business
lead alerts on your phone
SUBSCRIBE NOW
Market

Market

Project

Project

Technology

Technology

Leads

Leads