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29 JULY 2019 AL CIRCLE

Alba reports slightly higher revenue in Q2; Ali Al Baqali to replace Tim Murray as CEO

EDITED BY : HEENA IQBAL 2MINS READ

Alba announced its financial results for the second quarter and first half of 2019. The company’s top-line and bottom-line were primarily impacted by 21% year-on-year drop in LME price and partially offset by higher sales’ volume. 

Alba reported a total comprehensive loss of BD3.3 million (US$8.8 million) in Q2, down by 112% YoY. Gross profit stood at BD15.4 million (US$40.9 million), a drop of 55% YoY. With regards to total sales/revenues, Alba reported BD245.0 million (US$651.8 million) in Q2 2019, up by 0.4% YoY. Earnings per share (EPS) were fils (2) versus fils 21 in Q2 2018.

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Alba

Total comprehensive loss stood at BD19.1 million in H1 2019. Gross profit came in at BD16.2 million (US$43.2 million), down by 78% YoY. Total sales/revenues reached BD448.6 million (US$1,193 million), down by 4% YoY. Earnings per share were fils (14) versus fils 44 in H1 2018. Alba’s Total Assets as of 30 June 2019 stood at BD 2,384.2 million (US$6,341 million).

The Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said: “Alba will soon be transformed into the world’s largest aluminium smelter with the smooth integration of Potline 6 into its existing operations in the upcoming weeks. Alongside this transformation, we will also see the change of reign in the top management from Tim Murray to Ali Al Baqali who will lead Alba as the Acting CEO, effective 1st August, as we continue to seek further efficiency and growth.” 

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Alba’s Chief Executive Officer Tim Murray stated: “The economic uncertainty and lower LME prices have taken its toll on the aluminium industry but in Alba, we have emerged stronger with progressing the ramp-up of Line 6. I also thank all Alba employees and contractors for their unwavering support and focus on Safety at all times.” 

The top priorities for 2019 include:

  • Ensure the Safe Start-up of Last Hot Metal with a strong focus on Safety.
  • Deliver on Project Titan -Phase IV [US$40 million by 2019-end].
  • Value-Added Sales’ Product Qualification Associated with Line 6 Ramp-up.
  • Develop Upstream Opportunities on Alumina.

Alba’s Deputy CEO Ali Al Baqali added: “As we progress with Line 6 full ramp-up, we look forward to finish 2019 strong in our top-line and bottom-line results.”


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EDITED BY : HEENA IQBAL 2MINS READ

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