Over $52m cash windfall for Alba shareholdersAluminium Bahrain said that its sales for the second quarter reach $523 million and the board of directors proposed to distribute interim cash dividend of 14 fils per share, equal to $52.6 million.
Alba, which announced its second quarter 2012, reported adjusted EBITDA and net Income at $86 million and $95 million respectively impacted by lower LME levels and higher gas costs. During the same period Alba records cash flow of $ 143 million partially offset by strong working capital management despite being impacted by lower LME levels.
“Without LME & Gas Impact, Alba was able to maintain its intrinsic value. The company has successfully managed its working capital and was able to spin its Value-Added sales back to record levels – 67% as of Q2 2012 despite the downbeat sentiment of the global market as well as the downward trend of aluminium prices,” Alba’s Chief Executive, Laurent Schmitt, while commenting on the Q2 2012 results, said.
“We remain confident that Alba will maintain its competitive position for the remainder of 2012 through an ongoing focus on Continuous Improvement Programmes as well as commitment to Operational Efficiency initiatives.”
“Alba’s success for the past forty years has been primarily due to its key fundamentals that continue to remain strong and offer the springboard for healthy performance,” the Chairman of Alba’s Board of Directors, Mahmood Hashim Al Kooheji, added.
“Distributing an interim dividend endorses the company’s strong business model in delivering continuous returns to its shareholders. I would also like to express my appreciation to the Executive Management team for their leadership in steering the company’s operations this quarter and for the workforce who have made these achievements possible,” he added.
Alba’s Chief Executive, Laurent Schmitt, Chief Financial and Supply Officer, Tim Murray and Investor and Public Relations Manager, Eline Hilal will be holding a conference call on July 30, 2012 to discuss Alba’s performance for the second quarter of 2012 as well as outline the company’s priorities for the remainder of this year.
Alba has been consistently ranked as one of the largest aluminium smelters in the world, and is known for its technological strength, global competitiveness and innovative policies. Alba produces more than 860,000 metric tonnes per annum of aluminium which meet or exceed the industry standard for purity, with products including standard and T-ingots, extrusion billets, rolling slab, properzi ingots, and molten aluminium. It has also maintained a strong track record of operational safety and environmental compliance.
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