Manama: Aluminium Bahrain B.S.C. (Alba) posted a net Income of $165 million (BD 61.9 million) for the nine months of 2014, versus $176 million (BD 66million), thanks to lower unrealised derivative gains in 2014.
The board recommended an interim cash dividend of 12 fils per share, which is $ 45 million (BD 16.9 million), paid on September 1, 2014 as Alba announced the release of its third quarter of 2014 results on Tuesday, November 11, 2014.
“Alba’s sound financial performance in the third quarter of 2014 was driven by strong operational performance and gains from the Marketing organization,” Alba’s Chief Executive, Tim Murray, said.
“Once again, Alba was able to deliver exceptional results. As we head into the end of the year, the company is targeting to exceed the record production achieved in 2013,” the Chairman of Alba’s board of directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa, added.
Alba’s Executive Management will hold a conference call on Thursday November 13, 2014 to discuss Alba’s performance for the third quarter of 2014 as well as outline the company’s priorities for the remainder of this year.
Alba’s total sales for the third quarter of 2014 were $ 593 million (BD 223.2 million) compared to $ 488 million (BD 183.3 million) for the same period in 2013.
Total sales for the nine months of 2014 totalled $ 1.6 billion (BD 599.6 million) versus $ 1.5 billion (BD 565.9 million) in Q3 2013 on the back of higher LME prices and physical premiums.