Aluminium Bahrain B.S.C (Alba) presents its financial results for Q3 and 9 months of 2017. The company’s top-line and bottom-line were driven by higher LME prices and the speed recovery of Line 5 operations.
The Company reported a total sale of BD 235.3 million (US$ 625.8 million) IN Q3 2017, up 35% YoY from BD 174.3 million (US$ 463.5 million) in Q3 2016. Total Sales for the nine months of 2017 stood at BD 605 million (US$ 1.609 billion), up by 22% YoY, from BD 496.5 million (US$ 1.32 billion) for the same period in 2016.
The Company reported a net income of BD 25.8 million (US$ 68.5 million) in Q3, up 80% YoY from BD 14.3 million (US$ 38.1 million) in Q3 2016. For the 9 months of 2017, net income registered 98% increase YoY to BD 69 million (US$ 183.5 million) from BD 34.8 million (US$ 92.6 million) for the same period in 2016.
Alba Chairman 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 added: “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.”
The world consumption rose by 6 per cent year-on-year (YoY). Asian demand continues to be strong, up by 6 per cent YoY, supported by Chinese consumption ( 7% YoY).
World production of aluminium was up by 7.5 per cent YoY led by the Chinese output ( 13% YoY).