03 : 49 PM – 29/04/2018
Manama, Apr. 29 (BNA): Alba’s top-line and bottom-line performance for the first quarter of 2018 were driven primarily by 17% YoY increase in LME prices coupled with favourable management performance.
Alba Total Sales stretched by 16% YoY to reach BD 221.3 million (US$ 588 million) versus BD 190.4 million (US$ 506 million) in Q1 2017. The Company posted a Net Income of BD 33.9 million (US$ 90 million) versus BD 25.6 million (US$ 68 million) in Q1 2017, an increase of 32% YoY.
During the Annual General Meeting (AGM) which was held on Wednesday 07 March 2018, Alba approved a dividend of BD 36.8 million (US$ 98 million) and paid on 21st March 2018.
2018 Alba Priorities
Focus on Safety Selfie Initiative
Deliver on Project Titan – Phase III [2018: 1 Million MT & US$ 60/t]
Leverage strong physical demand on Value-Added Sales
Focus on upstream opportunities
Line 6 on Schedule
Close final tranche of ECA-covered facility
Award remaining packages by Q2 2018
Commenting on Alba’s sound financial performance in Q1 2018, the Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa:
“Alba was off to a strong start in 2018 thanks to a solid operational performance. We intend to leverage this strong start as we progress with the construction of Line 6 Expansion Project.
We also look forward to fully secure the 2nd tranche of ECA-covered facility.”
Alba’s Chief Executive Officer, Tim Murray added:
“Alba continues to focus on resilience and was able to leverage the gains in LME prices to deliver solid bottom-line results. I would like to thank our dedicated workforce for their contributions in achieving this success.”
Alba’s Management will be holding a conference call on Monday April 30, 2018 to discuss Alba’s financial performance for the first quarter of 2018 as well as outline the Company’s priorities for the remainder of the year.
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BNA 1246 GMT 2018/04/29
Number of readings : 174 Last updated : 03 : 49 PM – 29/04/2018
SOURCE: Bahrain News Agency