Alba’s net income in H1 2017 jumps 111% YOY to US$ 115.2 million

Aluminium Bahrain B.S.C (Alba) presents its financial results for Q2 & H1 2017 with substantial increase in net income. Alba’s top-line and bottom-line performances for Q2 and H1 2017 were primarily driven by higher LME aluminium prices and excellent management performance.

The Company reported a total sale of US$ 476.9 million in Q2 2017, up 8% from US$ 441 million for the same period in 2016. Total Sales in H1 2017 stood at US$ 983.3 million, up 15% YoY from US$ 856.8 million in H1 2016.

The company’s net income jumped 8.5% to US$ 47.1 million in Q2 2017 from US$ 43.4 million in Q2 2016. Net Income for H1 2017 registered a whopping 111% increase YoY to US$ 115.2 million from US$ 54.5 million for the same period of 2016.    

In addition, Alba shareholders approved dividend of US$ 78.7 million during the AGM on 21 March 2017. Alba closed the first tranche of c.US$ 700 million from Export Credit Financing.

Commenting on Q2 & H1 2017 Financial Results, Alba’s Chairman, Daij bin Salman bin Daij Al Khalifa said:

“Alba improved its bottom-line despite the impact of the power outage.  I would like to thank our employees and contractors for their continuous efforts in safely restoring Line 5 pots to normal operations.”

Tim Murray, Alba’s Chief Executive Officer added his input:

“We delivered exceptional results taking into account the strain that Line 5 recovery put on our operations.  I would like to thank all the employees and contractors for their resilience on setting a new industry benchmark on recovery."

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Alba currently focuses on safety initiatives and normalization of line 5 operations and progress on Line 6. Along with that, the company looks at delivering Project Titan - Phase II and leveraging strong demand on Value-Added Sales.  

Alba's Management would arrange a conference call on July 26, to discuss Alba's financial performance and outline the company's priorities H2 2017.