Alba posts $212m profit; output hits record
Manama, February 12, 2014
Aluminium Bahrain (Alba) posted a net income of $212 million (BD79.8 million) for 2013, compared to $257 million (BD96.6 million) in 2012, while the company's production hit a record last year.
The net income was higher in 2012 primarily due to the $85 million one-time gain from the Alcoa settlement recorded in the fourth quarter of that year. Lower LME prices this year also impacted results, said a statement.
Net income for the fourth quarter of 2013 stood at $36 million, a drop of 74 per cent from $140 million driven by the one-time gain from the Alcoa settlement in 2012.
Alba increased its sales by 3.3 per cent year-on-year to 919,722 metric tonnes (mt) while production rose by 2.5pc YoY to reach 912,700 mt. Value-added products accounted for 66pc of total shipments versus 65pc in 2012, the statement said.
Alba’s sales for the full-year of 2013 were $1.993 billion (BD749.3 million) versus $1.978 billion (BD 743.7 million) in 2012. As for the fourth quarter of 2013, Alba’s sales totalled $488 million versus $502 million in Q4 2012, down by 3pc on the back of lower LME prices.
The total dividend proposed for fiscal year 2013 is $135 million versus 2012 total dividend of $105 million. The board recommended a final 2013 dividend of $82 million in addition to the interim dividend already paid in September 2013 of $53 million.
The full-year and fourth quarter results were released during a meeting of the company’s Board of Directors today (February 12).
Alba chairman Mahmood Hashim Al Kooheji said: “2013 proved to be another breakthrough year in the company’s history with Alba achieving record sales and production despite tough LME market conditions. Our focus to deliver value to our shareholders is evidenced by 28 per cent increase in the 2013 dividend.”
Alba’s chief executive officer Tim Murray added: “Alba continues to raise the bar by leveraging our operational excellence program to exceed our targets. Our ability to generate cash during difficult economic times shows the commitment and ownership of all the employees in Alba. As we move into 2014 we believe the company is well positioned to excel to even higher levels.” - TradeArabia News Service