Alba Q2 sales surge to $523m
Manama, July 29, 2012
Aluminium Bahrain (Alba), ranked as one of the largest aluminium smelters in the world, said its second quarter sales surged to $523 million amid growing demand for aluminium globally.
Announcing the results on Sunday, Alba said it had registered a solid 1.7 per cent growth in production during the quarter besides netting an additional recurrent savings of $12 million. Its earnings before interest, taxes, depreciation, and amortization (Ebitda) hit $115 million.
Impressed with the results, the Bahraini flagship company has announced an interim dividend of $52.6 million for its shareholders.
On the results, Alba’s chief executive, Laurent Schmitt said without LME & Gas Impact, the company had been able to maintain its intrinsic value.
'The company has successfully managed its working capital and was able to spin its value-added sales back to record levels – 67 per cent as of Q2 2012 despite the downbeat sentiment of the global market as well as the downward trend of aluminium prices,' he stated.
'We remain confident that Alba will maintain its competitive position for the remainder of 2012 through an ongoing focus on Continuous Improvement Programmes as well as commitment to Operational Efficiency initiatives,' he added.
Alba board chairman Mahmood Hashim Al Kooheji said the Bahrain firm's success for the past 40 years has been primarily due to its key fundamentals that continue to remain strong and offer the springboard for healthy performance.
Distributing an interim dividend endorses the company’s strong business model in delivering continuous returns to its shareholders, he added.-TradeArabia News Service