The Chairman issued the statement following the third quarterly meeting for the year 2011.
The Board praised Alba’s management for placing the company on a continued path of sustained profitability, enabling shareholders to benefit from $102 million interim dividends, a reflection of Alba’s healthy cash generation.
“Alba remains optimistic about the aluminium demand in both the established and emerging markets where it has a growing presence. To help meet this demand, the company has already established clear processes to strengthen production, boost efficiency and enhance greater competitiveness. I am confident that – along with the loyalty and teamwork shown by employees – Alba will be able to achieve increased profitability and production targets for the year of 2011,” the Chairman of Alba’s Board of Directors, Mahmood Hashim Al Kooheji, said.
The Board was given a presentation on Safety Improvement Plan by leading global consultancy DuPont Sustainable Solutions who was earlier tasked to conduct an in-depth study on Alba’s safety management system.
The Board reviewed the financial performance of the company, and was given a presentation on the capital expenditure plan as well as approval was given to the 2012 marketing plan.
The board also looked at some of the matters arising from the previous meeting, reviewed the management report as well as the report prepared by the board audit committee. The board was given an update on the Alba Vision 2020 and the Alba Star Project.
The Board was also updated about Line 6 Project by the management and reviewed the report presented by SNC Lavalin on the smelting technology.
The Board Directors made individual declarations in line with the Corporate Governance Code of the Kingdom of Bahrain.
The Alba Board of Directors comprises six directors appointed by Bahrain Mumtalakat Holding Company, which in addition to the Chairman of the Board, Al-Kooheji, include Fawzi Ahmed Kanoo, Yusuf Abdulla Taqi, Shaikh Mohammed bin Khalifa Al Khalifa, Osama Mohammed Al Arrayedh, and David Meen. The two directors appointed by Sabic Industrial Investments Company are Mutlaq H. Al Murished, and Humood Abdulla Al Towaijri, and the independent director, Abdul Aziz Al Humaid.
The meeting was attended by Alba’s senior executive management team namely, Alba’s Chief Executive, Laurent Schmitt, Alba’s Chief Financial Officer, Tim Murray, Chief Marketing Officer, Jean Baptiste Lucas, and other company officials.
The Chairman of Alba’s Board of Directors, Mahmood Hashim Al Kooheji expressed his sincere thanks and appreciation to the Government of Bahrain, led by His Majesty King Hamad bin Isa Al Khalifa, His Royal Highness the Prime Minister Prince Khalifa bin Salman Al Khalifa, and His Royal Highness the Crown Prince and Deputy Supreme Commander, Prince Salman bin Hamad Al Khalifa.
Al Kooheji also expressed his gratitude for the continuous support of the Kingdom of Saudi Arabia and the Custodian of the Two Holy Mosques King Abdullah bin Abdul-Aziz Al Saud.
The Board expressed thanks and appreciation to the Senior Executive Management Team, the managers, Alba employees and their representatives in the Alba Labour Union for their hard work, and their support to enhance and develop the company’s operations.