Business12 November 20152 min read

Alba reports total sales for third quarter BD184.4m

By DT News Network. Aluminium Bahrain B.S.C. (Alba) announced the release of its third quarter of 2015 results yesterday. Alba's total sales for the third quarter of 2015 were BD 184.4 million (US$ 490m) versus BD 223.2m (US$ 593m) for the same period in 2014, a drop of 17pc YoY due to lower LME pri

Editorial Team Legacy

Published 12 November 2015, 8:00 · Updated 22:16

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Alba reports total sales for third quarter BD184.4m

Aluminium Bahrain B.S.C. (Alba) announced the release of its third quarter of 2015 results yesterday.

Alba’s total sales for the third quarter of 2015 were BD 184.4 million (US$ 490m) versus BD 223.2m (US$ 593m) for the same period in 2014, a drop of 17pc YoY due to lower LME prices.

For the nine months of 2015, total sales were BD 590.3m (US$ 1.57 bn), a decrease of around 2pc YoY versus BD 599.6m (US$ 1.60 bn) for the same period of 2014.

Net income for the third quarter of 2015 dropped by 70pc YoY to BD 8.7m (US$ 23m) versus BD 29.5m (US$ 78m) for the same period in 2014 due to lower LME prices. The company posted a Net income of BD 75.7 m (US$ 201 m) for the nine months of 2015 versus BD 61.9 m (US$ 164 m), up by 22pc YoY on the back of higher LME prices and physical premiums during the first six months of 2015.

The board recommended an interim cash dividend of 5.5 fils per share, which is BD 7.77m (US$ 21m) paid on September 1, 2015 to eligible shareholders.

Commenting on Q3 results, Chairman of Alba’s Board of Directors, Sh. Daij Bin Salman Bin Daij Al Khalifa said, “In light of low LME prices, the company will continue to push the limit on its operational performance all the while by remaining cost competitive.”

Alba’s Chief Executive, Tim Murray added, “Despite the collapse of all-in-aluminium prices, Alba has been able to maintain its strong intrinsic performance in a challenging market.”

Alba’s Executive Management held a conference call yesterday to discuss Alba’s performance for the third quarter of 2015 as well as outline the company’s priorities for the remainder of this year.

Photo Caption:

Sh. Daij Bin Salman Bin Daij Al Khalifa and Tim Murray

Alba reports total sales for third quarter BD184.4m

Editorial Team Legacy

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