Net Income for the third quarter of 2013 jumped by 137% to score $13 million compared to net loss $ 34.6 million) for the third quarter in 2012.
Alba announced financials in the backdrop of world consumption was up by 7.8% year-on-year (YoY) while world production rose by 5.2% YoY. Western producers continue to suffer from lower LME prices and higher energy costs thus leading to further capacity cuts.
Aluminium cash prices at the London Metal Exchange dropped by 7.3% in Q3 2013 with an average cash price of $ 1,781 mt versus $ 1,922 mt in Q3 2012.
Alba’s sales jumped by 4.2% YoY in three quarters, thanks to a strong Saudi demand while production rose by 4.7% YoY on the back of strong overall operational and cost performance.
Alba’s sales for the first nine months of 2013 were $ 1.505 billion compared to $ 1.476 billion for the same period in 2012, up by 2% on the back of higher premiums and overall sales volume. Sales for the third quarter of 2013 rose by 7% reaching $488 million against $457 million in Q3 2012.
Alba remained upbeat to achieve a better production levels in 2013 comparing with that of 2012.
The company said it had posted a net income of $175.8 million for the first nine months of 2013, up by 50% from $ 117million for the same period in 2012 on the back of strong operational performance.
“Alba’s focus on Operational Excellence initiatives has steered the company to deliver on its targets, maintain its competitive position and improve its bottom line,” the Chairman of Alba’s Board of Directors, Mahmood Hashim Al Kooheji, while commenting on the Company’s results, said.
“Alba continues to achieve positive results while most of the industry is struggling. Alba has been able to leverage our continuous improvement culture as a way to deliver results to the bottom line,” Alba’s Chief Executive Officer, Tim Murray, said.
“Momentum continues to build and we are confident we will exceed the 2012 production record.”