Aluminium Bahrain recently released financial results for the first quarter, boasting significant to exceptional gains in several major categories.
Alba reported a sales volume of 242,932 metric tons, up 4.9% year-on-year. Total sales for the quarter came in at US$506 million, a 22% increase year-on-year from last year’s Q1 total of US$416 million. Net income for the quarter totaled US$68 million, good for a quite respectable 506% year-on-year increase from the previous first-quarter total of US$11 million. The firm’s production in the quarter was also up, finishing 5.6% better year-on-year at 248,776 metric tons. Sales of value-added products as a percentage of the whole rose by 4% year-on-year in the quarter to 56%.
The firm says the increased numbers are the result of aluminium’s recovery at the LME as well as superior performance by company management.
“Alba has successfully closed the first quarter strong with an unparalleled performance in its top-line and bottom-line,” opined Chairman of Alba’s Board of Directors, Daij Bin Salman Bin Daij Al Khalifa. “Together with our solid financial basis, we will be able to transform Alba as Line 6 will shape our future for the generations to come.”
“Alba continues to improve its underlining performance through leveraging the recent gains in LME prices,” Alba’s Chief Executive Officer, Tim Murray explained. “Despite the recent power outage incident, Alba still expects to deliver strong results in 2017.”
Aluminium Bahrain B.S.C., or simply Alba, is one of the largest industrial companies in the Middle East and is one of the top 10 largest aluminium producers in the world. Originally incorporated in 1968, the company is based in Bahrain and 87% of its total workforce are Bahraini nationals. It began operations in 1971 with a 120,000 metric ton annual capacity. Modernization bumped the output up to 450,000 metric tons in 1992. In the spring of 2005, Alba opened Line 5, raising output by 860,000 metric tons per year. Maximum output for the smelter is in the neighborhood of 1.2 million metric tons per year.