Alba reports Full-Year 2013 results

Aluminium Bahrain B.S.C. (Alba) released its full-year and fourth quarter of 2013 results as per the International Financial Reporting Standards (IFRS) accounting rules during a meeting of the company’s Board of Directors on Wednesday, February 12, 2014. The Full-Year 2013 results are summarized below:

• Alba increases 2013 total dividend by 28% to US$ 135 million (BD 50.7 million) versus US$ 105 million (BD 39.5 million) in 2012
• Alba reports 2013 Net Income of US$ 212 million (BD 79.8 million)
• Record breaking year with production reaching 912,700 metric tonnes

Alba’s sales for the full-year of 2013 were US$ 1.993 billion (BD 749.3 million) versus US$ 1.978 billion (BD 743.7 million) in 2012. As for the fourth quarter of 2013, Alba’s sales totalled US$ 488 million (BD 183.4 million) versus US$ 502 million (BD 188.8 million) in Q4 2012, down by 3% on the back of lower LME prices.

The company posted a Net Income for 2013 of US$ 212 million (BD 79.8 million) compared to US$ 257 million (BD 96.6 million) in 2012. The drop in Net Income was primarily driven by the US$ 85 million (BD 32 million) one-time gain from the Alcoa settlement recorded in the fourth quarter of 2012 and lower LME prices. Net Income for the fourth quarter of 2013 stood at US$ 36 million (BD 13.7 million), a drop of 74% from US$ 140 million (BD 52.6 million) driven by the one-time gain from the Alcoa settlement recorded in 2012.

The total dividend proposed for fiscal year 2013 is US$ 135 million (BD 50.7 million) versus 2012 total dividend of US$ 105 million (BD 39.5 million). The Board recommended a final 2013 dividend of US$ 82 million (BD 30.9 million) in addition to the interim dividend already paid in September 2013 of US$ 53 million (BD 19.8 million).

Alba Priorities for 2014:

• Continued focus on Safety and Training programs
• Deliver on Project Titan
• Leverage strong physical demand conditions with a focus on Value-Added Sales
• Finalise Line 6 Bankable Feasibility Study & long-term gas contract
Commenting on the full-year results of 2013, The Chairman of Alba’s Board of Directors, Mahmood Hashim Al Kooheji said:

“2013 proved to be another breakthrough year in the company’s history with Alba achieving record sales and production despite tough LME market conditions. Our focus to deliver value to our shareholders is evidenced by 28% increase in the 2013 dividend.”

Alba’s Chief Executive Officer, Tim Murray added: “Alba continues to raise the bar by leveraging our operational excellence program to exceed our targets.”

Alba's Management will be holding a conference call on Thursday, February 13, 2014 to discuss Alba's performance for the full-year results of 2013 as well as outline the company's priorities for the remainder of 2014.