Alba on track to meet growth targets
Manama, September 14, 2011
Aluminium Bahrain (Alba), one of the largest aluminium smelters in the world, is well-positioned to meet its production targets for the year 2011, and achieve sound financial performance, said its chairman.
“Alba remains optimistic about the aluminium demand in both the established and emerging markets where it has a growing presence,” said Mahmood Hashim Al Kooheji.
He was speaking at the company’s third quarterly meeting for the year, which was held at the Hotel Sofitel Bahrain Zallaq Thalassa Sea & Spa.
“To help meet this demand, the company has already established clear processes to strengthen production, boost efficiency and enhance greater competitiveness. I am confident that – along with the loyalty and teamwork shown by employees – Alba will be able to achieve increased profitability and production targets for the year of 2011,” Al Kooheji added.
The Board of Directors praised Alba’s management for placing the company on a continued path of sustained profitability, enabling shareholders to benefit from US$ 102 million interim dividends.
The Board was given a presentation on Safety Improvement Plan by leading global consultancy DuPont Sustainable Solutions who was earlier tasked to conduct an in-depth study on Alba’s safety management system.
The Board reviewed the financial performance of the company, and was given a presentation on the capital expenditure plan. It also approved the 2012 marketing plan.
The Board also looked at some of the matters arising from the previous meeting, reviewed the management report as well as the report prepared by the Board Audit Committee. The Board was given an update on the Alba Vision 2020 and the Alba Star Project.
The Board was also updated about Line 6 Project by the management and reviewed the report presented by SNC Lavalin on the smelting technology.
The Board directors made individual declarations in line with the Corporate Governance Code of Bahrain. – TradeArabia News Service