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09 FEBRUARY 2018 AL CIRCLE

Alba’s 2017 net income jumps by 91%YoY driven by higher LME price and improved performance

EDITED BY : BEETHIKA BISWAS 2MINS READ

Aluminium Bahrain B.S.C. (Alba) released its operating and financial results for the full-year and fourth quarter of 2017 during a meeting of the Company’s Board of Directors on Thursday February 08. Alba closed 2017 with a strong financial performance reflecting its resilience in achieving quick recovery of Line 5, which was driven by superb management performance.

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The Company reported total sales of US$ 2.3 billion in 2017, up 28% from US$ 1.8 billion in 2016. For Q4 2017, total sales stood at US$ 672.2 million, up 39% from US$ 483.0 million in the same period in 2016 – both driven by favourable LME prices.

The Company generated a net income of US$ 245.9 million in 2017, up 91% from US$ 128.7 million in 2016. For Q4 2017, Alba posted a net income of US$ 62.4 million, up 72% from US$ 36.5 million for the same period in 2016.

Alba also achieved record production – 981,016 metric tonnes in 2017.  Alba’s Board of directors recommended a dividend distribution of BD 36.8 million (US$ 97.9 million) for the FY 2017.

Alba’s 2018 priorities cover continued focus on Safety initiatives; delivery on Project Titan - Phase III, focus on Value-Added Sales and completion of Line 6 Expansion Project on schedule.

The Board, also, approved the appointment of Dr. Abdulla Habib as the acting Chief Operations Officer (COO) with immediate effect. Management will hold a conference call on Monday February 12, to discuss Alba's 2017performance and outline the Company's priorities for 2018.

 


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EDITED BY : BEETHIKA BISWAS 2MINS READ

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