Alba’s Q1 net income jumps 506pc to $68 million

24/04/2017 07:21 AST

Aluminium Bahrain (Alba), a leading global aluminium smelter, posted a net income of BD25.6 million ($68 million) in the first quarter of 2017, compared to BD4.2 million ($11 million) in Q1 2016, a 506 per cent increase year-on-year (YoY).

Alba’s total sales for the first quarter of 2017 jumped by 22 per cent YoY to reach BD190.4 million ($506 million) versus BD156.4 million ($416 million) for the same period in 2016.

The company’s top-line and bottom-line performance for the first quarter of 2017 were driven primarily by higher LME prices and favourable management performance.

During the recent AGM, Alba approved a dividend of BD29.6 million ($78.7 million) to be paid from April 2.

Daij Bin Salman Bin Daij Al Khalifa, Alba chairman said: “Alba has successfully closed the first quarter strong with an unparalleled performance in its top-line and bottom-line. Together with our solid financial basis, we will be able to transform Alba as Line 6will shape our future for the generations to come.”

Alba’s chief executive officer, Tim Murray added: “Alba continues to improve its underlining performance through leveraging the recent gains in LME prices. Despite the recent power outage incident, Alba still expects to deliver strong results in 2017.”

Alba's Management will be holding a conference call on April 25 to discuss Alba's financial performance for the first quarter of 2017 as well as outline the company's priorities for the remainder of the year.

Q1 2017 industry highlights

Global physical demand remains healthy with world consumption up by 6 per cent YoY. Asian demand rose by7 per cent YoY led by Chinese consumption (+8 per cent YoY). Mena demand grew by 5 per cent YoY driven by major infrastructure spending in Saudi Arabia (+13 per cent YoY). In addition, demand in North America surged by 3 per cent YoY supported by firm growth in the auto production while Europe consumption rose modestly by 2 per cent YoY attributed to good demand in construction and automotive sectors. World production rose by 9 per cent YoY supported by Chinese output (+17 per cent YoY).

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