Alba Q3 net income surges 80pc YoY
Manama : Alba has reported a Net Income of BD 25.8 million (US$ 68.5m) in the third quarter of 2017, up 80 per cent Year-on-Year (YoY), versus BD 14.3m (US$ 38.1m) in Q3 2016. The Net Income for the 9 months of 2017 rose by 98pc YoY to BD 69m (US$ 183.5m) versus BD 34.8m (US$ 92.6m) for the same period in 2016.
Alba’s top-line and bottom-line for the third and 9 months of 2017 were driven by higher LME prices (an increase of 24pc YoY) and the speed recovery of Line 5 operations.
Total Sales for the third quarter of 2017 jumped by 35pc YoY to BD 235.3m (US$ 625.8m) versus BD 174.3m (US$ 463.5m) in Q3 2016. For the nine months of 2017, Total Sales stood at BD 605m (US$ 1.609 billion), up by 22pc YoY, versus BD 496.5m (US$ 1.32 billion) for the same period in 2016.
Commenting on Q3 & 9 Months 2017 Financial Results, the Chairman of Alba’s Board of Directors, 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 said, “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 6pc Year-on-Year (YoY). Asian demand continues to be strong, up by 6pc YoY, supported by Chinese Consumption (+7pc YoY) while MENA demand went up by 4pc YoY driven by infrastructure spending in Saudi Arabia (+11pc YoY).
Europe consumption remains firm, up by 4pc YoY, led by steady demand across the transport and packaging sectors; North America demand up by 3pc YoY driven by continued growth in auto and construction markets.
Alba’s Management will be holding a conference call on Monday October 30, 2017 to discuss Alba’s performance for the third quarter 2017 Financial Results as well as outline the Company’s priorities for the remainder of this year.
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