Alba reports 91pc jump in full year 2017 net income

Manama : Aluminium Bahrain (Alba) yesterday released its Full-Year and Fourth Quarter of 2017 Results reporting a 91 per cent jump in year-over-year (YoY) profit on strong sales driven mainly by infrastructure spending in the Asia and Mena region. 

Asian demand rose by 7pc YoY led by consumption in China (+8pc YoY). MENA demand remains strong (+4pc YoY) driven by major infrastructure spending in Saudi Arabia (+12% YoY). 

Europe consumption up by 3pc YoY driven by strong growth in transport (auto body sheet), building and construction sectors while demand in North America continues with the same momentum (+2pc YoY) denominated by the automobile production. World consumption at 63.6 million metric tonnes (mt) and up by 6pc Year-over-Year (YoY). 

Alba’s Board of directors recommended a dividend distribution of BD 36.8 million (US$ 97.9 million) for the fiscal year 2017 which will be paid from March 21, 2018. The Board, also, approved the appointment of Dr. Abdulla Habib as the acting Chief Operations Officer (COO) with immediate effect.

In 2017, Alba generated a Net Income of BD 92.5 million (US$ 245.9m), up by 91pc compared to BD48.4m (US$128.7m). Total Sales was BD857.8m (US$2.3 billion) in 2017, up by 28pc versus BD669.8m (US$1.8bn) in 2016 

For the fourth quarter, the company posted a Net Income of BD23.5m (US$62.4m), up by 72pc versus BD 13.7m (US$36.5m) for the same period in 2016. Total Sales stood at BD252.7m (US$672.2m), up by 39pc versus BD181.6m (US$483.0m) for the same period in 2016 – both driven by higher LME prices. 

In 2017, Sales volume rose by 0.4pc YoY to reach 978,195 mt while Production topped 981,016 mt (+1pc YoY).

Alba also revealed that Line 6 Expansion Project is on schedule and will Finalize ECA Financing - second tranche by Q1 2018. 

Alba Management will be holding a conference call on Monday February 12, 2018 to discuss Alba’s performance for the 2017 Full-Year Results as well as outline the Company’s priorities for 2018.