MANAMA: The board of directors of Aluminium Bahrain (Alba) which announced its second quarter and first half of 2014 on Saturday results proposed interim dividend of BD16.9 million ($45million).
“Alba was able to deliver another strong operational performance and improve safety by achieving 4 million hours without an LTI. We were able to increase cash flow year over year despite lower LME by accelerating the savings on project Titan,” Alba’s Chief Executive, Tim Murray said.
“Alba continues to improve its underlining performance and achieve sustained earnings amid tough LME market conditions. I would like to thank all the employees of Alba for the continued focus on Safety,” the Chairman of Alba’s board of directors, Daij Bin Salman Bin Daij Al Khalifa, added.
Alba’s total sales for the first six months of 2014 were $1.001 billion (BD 376.4 million) versus $1.018 billion (BD 382.6 million) in H1 2013, on the back of higher premium partially offset by lower LME prices. Sales for the second quarter of 2014 reached $515 million (BD 193.6 million) compared to $520 million (BD 195.5 million) for the same period in 2013.
Global aluminium demand remains strong with world consumption up by 6.9% year-on-year (YoY). Asian demand was driven by China (+10% YoY) with increased infrastructure investments and higher transportation demand. North America demand up by 4.5% YoY thanks to a strong boost in automotive build rates and construction sector. MENA consumption remains healthy supported by large infrastructure spending in Saudi Arabia and Qatar; Europe consumption up by 2% YoY driven by German automotive production.
Alba’s Chief Executive Officer, Tim Murray, Chief Operations Officer, Isa Al-Ansari and Investor Relations Manager, Eline Hilal will be will be holding a conference call on Monday July 28 to discuss Alba’s performance for the second quarter and first half of 2014 as well as outline the company’s priorities for the remainder of this year.