Aluminium Bahrain B.S.C. (Alba) released financials for the third quarter of 2017 yesterday. Financial numbers were up across the board, which the firm credits in no small part to the continuing recovery of the global aluminium market.
Alba recorded US$625.8 million in sales in the quarter, a 35-percent increase year-on-year from last year’s third-quarter total of US$463.5 million. Net income in the quarter totaled US$68.5 million, up 80 percent year-on-year from last year’s third-quarter number of US$38.1 million.
Sales and production numbers rose as well, by 0.5 percent year-on-year to 247,540 metric tons. Value-added sales grew by 3 percent year-on-year to a quarterly total of 253,475 metric tons, raising overall value-added sales to 59 percent of the firm’s total in the quarter.
Achievements in the quarter include the return to normalization of Line 5 as well as solid progress on Line 6, with an overall completion to date of 30 percent, and the ongoing administration of Project Titan Phase II, which the firm says saved US$65 per metric ton of smelted aluminium.
For the first nine months Alba sold US$1.609 billion, up 22 percent from last year’s nine-month total of US$1.32 billion. Net income was also up, from last year’s nine-month total of US$92.6 million, increasing by 98 percent to US$183.5 million.
“I would like to thank all Alba employees and contractors for restoring Line 5 safely,” said Alba’s Chairman Shaikh Daij Bin Salman Bin Daij Al Khalifa. “As we move ahead, we also look forward to make solid progress in our flagship development – Line 6 Expansion Project.”
Alba’s Chief Executive Officer Tim Murray echoed Al Khalifa’s sentiments.
“Alba set a new benchmark on Line 5 recovery which translated into strong operational results. I would also like to thank our employees and contractors for maintaining safe operations through a difficult summer.”
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 million metric tons per year.