Alba announced the release of its second quarter and first half of 2015 results on Wednesday, July 29, 2015.
Net Income for the second quarter of 2015 stood at BD 29.8 million (US$ 79 million) compared to BD 15.2 million (US$ 41 million) in Q2 2014, an increase of 96% YoY.
Alba’s total sales for the first half of 2015 were up by 8% YoY to reach BD 405.9 million (US$ 1.080 billion) versus BD 376.4 million (US$ 1.001 billion) in H1 2014 thanks to favourable management performance. Total Sales for the second quarter of 2015 were BD 199.3 million (US$ 530 million) compared to BD 193.6 million (US$ 515 million) for the same period in 2014.
Global aluminium demand continues to grow with world consumption up by 5% Year-on-Year (YoY); however, significant drop in physical premiums and LME prices is expected in the 2nd half of 2015.
Line 6 Expansion Project approved during EGM in June 2015 and will increase Alba’s capacity by 514,000 metric tonnes to reach a total production of 1,450,000 mt.
The Board has recommended an interim cash dividend of 5.5 fils per share, which is BD 7.9 million (US$ 21 million) to be paid in September 2015.
“Alba was able to outperform the industry and continue to deliver on Safety. We plan to use this positive momentum as we gear-up for Line 6 Expansion Project which will make Alba the largest single-site aluminium smelter in the world,” the Chairman of Alba’s Board of Directors, Daij bin Salman bin Daij Al Khalifa, said.
“Alba continues to excel in what we control — which is Safety, Production and Cost. As we look ahead for the remainder of 2015, we see a large drop in the all-in-aluminium prices; however, we expect to deliver solid results despite these challenges,” Alba’s Chief Executive Officer, Tim Murray added.