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GEARING UP FOR EXPANSION

Al Khalifa ... positive momentum.

Aluminium Bahrain H1 net profit doubles

MANAMA, July 29, 2015

Aluminium Bahrain (Alba) posted a net income of BD66.9 million ($178 million) in the first half of the year as compared to BD32.3 million ($86 million) for the same period in 2014, marking a year-on-year increase of 107 per cent.

Net income for the second quarter (Q2) of 2015 stood at BD29.8 million ($79 million) compared to BD15.2 million ($41 million) in Q2 2014, an increase of 96 per cent.

The board has recommended an interim cash dividend of 5.5 fils per share, which is BD7.9 million ($21 million) to be paid in September.

Alba’s total sales for the first half of 2015 were up by 8 per cent year-on-year to reach BD405.9 million ($1.080 billion) versus BD376.4 million ($1.001 billion) in H1 2014 thanks to favourable management performance, a company statement said.

Total sales for the second quarter of 2015 were BD199.3 million ($530 million) compared to BD193.6 million ($515 million) for the same period in 2014.

Daij bin Salman bin Daij Al Khalifa, chairman Alba, said: “Alba was able to outperform the industry and continue to deliver on safety. We plan to use this positive momentum as we gear-up for Line 6 Expansion Project which will make Alba the largest single-site aluminium smelter in the world.”

Alba’s chief executive officer Tim Murray said: “Alba continues to excel in what we control -- which is Safety, Production and Cost.  As we look ahead for the remainder of 2015, we see a large drop in the all-in-aluminium prices; however, we expect to deliver solid results despite these challenges.” – TradeArabia News Service




Tags: Alba | profit | dividend | Net Income | Aluminium Bahrain |

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