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SALES UP 15pc

Shaikh Daij and Tim Murray ... income boost

Alba’s H1 net income surges 111pc to $115 million

MANAMA, July 24, 2017

Aluminium Bahrain (Alba) has posted a net income of BD43.3 million ($115.2 million) for the first half of 2017 versus BD20.5 million ($54.5 million) for the same period in 2016, marking an increase of 111 per cent.

The company generated a net income of BD17.7 million ($47.1 million) in Q2 2017, up by 8.5 per cent year-on-year (YoY), compared to BD16.3 million ($43. 4 million) in Q2 2016.

Alba’s top-line and bottom-line for the second quarter and first-half of 2017 were primarily driven by higher LME prices (an increase of 22 per cent YoY) and favourable management performance.

The company reported total sales of BD179.3 million ($476.9 million) in the second quarter of 2017, versus BD165.7 million ($441 million) for the same period in 2016, up 8 per cent YoY. Total sales in the first half of 2017 stood at BD369.7 million ($983.3 million), up by 15 per cent YoY, versus BD322.2 million ($856.8 million) in H1 2016.

Daij bin Salman bin Daij Al Khalifa, chairman of Alba, said: “Alba improved its bottom-line despite the impact of the power outage.  I would like to thank our employees and contractors for their continuous efforts in safely restoring Line 5 pots to normal operations.”

Alba’s chief executive officer, Tim Murray added: “We delivered exceptional results taking into account the strain that Line 5 recovery put on our operations.  I would like to thank all the employees and contractors for their resilience on setting a new industry benchmark on recovery."

Alba's Management will be holding a conference call on July 26 to discuss Alba's performance for the second quarter and first-half of 2017 as well as outline the company's priorities for the remainder of 2017. – TradeArabia News Service




Tags: Alba | Net Income | Aluminium Bahrain | 2017 |

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