Alba reports H1 financial results

Manama  : Alba yesterday reported financial  results for first half and second quarter of 2016. Total sales for the second quarter was BD165.7 million (US$441m), a drop of 17 per cent YoY, compared to BD199.4m (US$530m) for the same period in 2015. Net income for the quarter was BD16.3m (US$43m), down by 45pc YoY compared to BD29.8m (US$79m) in Q2 2015. 

In the first half of 2016, total sales stood at BD322.2m (US$857m), down by 21pc YoY, versus BD405.9m (US$1,080m) in H1 2015.  Net Income was BD20.5m (US$55m) versus BD67.0m (US$178m) for the same period in 2015.     

Commenting on the results, Chairman, Daij bin Salman bin Daij Al Khalifa said its top-line and bottom-line for the first half of 2016 were driven primarily by the dual collapse of LME prices and premiums.  

“The industry is facing tough times; however, Alba continues to deliver solid profitability which further strengthens our position for Line 6 financing. We, also, look forward to award the EPC contract for Power Station 5 in the third quarter of 2016,” said Daij Al Khalifa. 

Alba’s Chief Executive Officer, Tim Murray added: “Alba continues to push hard on managing its cost base which has resulted in strong free cash flow.”

A conference call will be held today to discuss Q2 performance and H1 Financial Results as well as priorities for the remainder of this year.