Alba released its first half and second quarter 2013 results during a meeting of the company’s Board of Directors on Sunday, July 28, 2013.
“Amid the downtrend in LME prices, the company closed the first six months of 2013 with a solid bottom line underpinned by higher productivity levels. I would also like to thank the Executive Management Team for improving overall safety performance in the plant,” the Chairman of Alba’s Board of Directors, Mahmood Hashim Al Kooheji said.
“Despite challenging global macroeconomic conditions coupled with lower LME prices, Alba was able to deliver a healthy financial performance supported by strong operational performance,” Alba’s Chief Executive, Tim Murray added.
“Our focus on Continuous Improvement Programme and Operational Excellence initiatives will enable the company to maintain its competitive position and improve its overall performance.”
Alba’s Chief Executive Officer, Tim Murray, Chief Financial Officer, Ali Al Baqali, Chief Operations Officer, Isa Al-Ansari and Investor Relations Manager, Eline Hilal will be on a road show with investors in Dubai, New York City and Boston to discuss the company’s performance for the first half and second quarter of 2013 as well as outline Alba’s priorities and plans for the remainder of the year.
Alba posted a net income of BD 61.2 million (US$ 163 million) for the first half of 2013, up by 7% from BD 56.9 million (US$ 151 million) for the same period in 2012 due to strong overall operational performance, which was partially offset by lower LME prices. Net Income for the second quarter of 2013 stood at BD 20.7 million (US$ 55 million), a drop of 42% from BD 35.6 million (US$ 95 million) driven by unrealised derivative gains as well as low LME prices.
The board has recommended an Interim Cash Dividend of 14 Fils per share, which is BD 19.7 million (US$ 52.5 million).