Saturday 15 December 2018

Alba Q3 net income surges 80pc

MANAMA, October 29, 2017

Aluminium Bahrain (Alba) reported a net income of BD25.8 million ($68.5 million) for the third quarter of 2017, up 80 per cent compared to BD14.3 million ($38.1 million) reported in Q3 2016. 
The net income for the nine months of 2017 rose by 98 per cent to BD69 million ($183.5 million) versus BD34.8 million ($92.6 million) for the same period in 2016.
Alba’s top-line and bottom-line for the third and nine months of 2017 were driven by higher LME prices (an increase of 24% YoY) and the speed of recovery of Line 5 operations. 
Alba’s total sales for the third quarter of 2017 jumped by 35 per cent YoY to BD235.3 million ($ 625.8 million) versus BD174.3 million ($463.5 million) in Q3 2016. For the nine months of 2017, total sales stood at BD605 million ($1.609 billion), up by 22 per cent YoY, versus BD496.5 million ($1.32 billion) for the same period in 2016.
Alba’s sales and production volume were up by 0.5 per cent YoY (247,540 metric tonnes) and 3 per cent YoY (253,475 metric tonnes), respectively. Value-added sales averaged 59 per cent of total shipments in Q3.
Alba said its Line 6 Expansion Project is on track with overall progress of 30 per cent from inception till to-date [engineering advanced by more than 60 per cent while contracts and procurement by more than 75 per cent].
Alba Chairman Shaikh Daij Bin Salman Bin Daij Al Khalifa said: “I would like to thank all Alba employees and contractors for restoring Line 5 safely.‎ 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 added: “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.” 
As the demand growth for aluminium remains healthy, the world consumption rose by 6 per cent year-on-year (YoY). Asian demand continues to be strong, up by 6 per cent YoY, supported by Chinese consumption (+7% YoY), while Mena demand went up by 4 per cent YoY driven by infrastructure spending in Saudi Arabia (+11% YoY). Europe’s consumption remains firm, up by 4 per cent YoY, led by steady demand across the transport and packaging sectors; North America demand was up by 3 per cent YoY driven by continued growth in auto and construction markets, the Alba statement said.
World production of aluminium was also up by 7.5 per cent YoY led by the Chinese output (+13% YoY). LME inventories at 1.3 million metric tonnes in September
The Q3 2017 cash-average was $2,012/t with LME ranging between $1,877/t on July 12 and $2,164/t on September 20. - – TradeArabia News Service 

Tags: aluminium | Alba | growth |

More Industry, Logistics & Shipping Stories

calendarCalendar of Events