25 JULY 2017AlCircle.com
Alba’s net income in H1 2017 jumps 111% YOY to US$ 115.2 million
Edited by : beethika biswas
2 min read
<p>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.</p>
<p style="text-align: center;"><img style="vertical-align: middle;" src="http://www.alcircle.com/uploads/images/alba1.jpg" alt="News" width="517" height="226" /></p>
<p>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.</p>
<p>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. </p>
<p>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.</p>
<p>Commenting on Q2 & H1 2017 Financial Results, Alba’s Chairman, Daij bin Salman bin Daij Al Khalifa said:</p>
<p>“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.”</p>
<p>Tim Murray, Alba’s Chief Executive Officer added his input:</p>
<p>“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."</p>
<p>{googleAdsense}</p>
<p>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. </p>
<p>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. </p>
Previous article
Norsk Hydro Q2 2017 results up on higher aluminium prices, Sapa continues positive performance
Next articleLME aluminium inches up but likely to face downward correction
Grow with
AL Circle
