Alba’s Net Income Jumps 65 In Q2 To US$77.4 Million

Alba’s Net Income Jumps 65 In Q2 To US$77.4 Million

Aluminium Bahrain B.S.C. (Alba) released results from the second quarter and first half of 2018 last week. Per the firm, top-line and bottom-line increases were fueled by a corresponding increase in sales volume, a recovery in prices at the LME, and the return to service of Line 5.

During the second quarter, Alba saw a production increase of 23 percent over last year, totaling 252,081 metric tons. Sales improved by 19 percent year-on-year, coming in at 249,595 metric tons, with 60 percent of that total consisting of value-added items.

Alba’s first quarter net income came in at US$77.4 million, a 65-percent rise over the previous second quarter’s number of US$46.9 million. The company reported total sales/revenue of US$648.9 million in the quarter, a 36-percent year-on-year improvement over 2017’s Q2 total of US$476.9 million.

In the first half of 2018, Alba reported a net income of US$167.5 million, up by 46 percent from last year’s first-half net income of US$115 million. The firm’s first half total sales/revenue came in at US$1.2374 billion, a 26-percent jump from the first half of last year, when it was US$983.3 million.

Alba’s Chief Executive Officer, Tim Murray laid out the firm’s second-half goals.

“Safety continues to be our #1 priority as we move into the difficult summer months.

“As we are facing many headwinds in the market in particular the impact of higher Alumina prices, we will be focused on our Project Titan Program as well as increase our production to offset the market challenges in the 2nd half of this year.

“I also thank our people for working together on the same tune to make things happen.”

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 84% 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. In 2016 Alba’s smelter produced 971,420 metric tons of primary aluminium.