A global aluminium smelter Alba reported its financial results as per the International Financial Reporting Standards (IFRS) accounting rules. The company said its top-line and bottom-line performance for the first quarter of 2017 was driven primarily by higher LME prices and favourable management performance.
Alba reported a net income of BD 25.6 million (US$ 68 million) in the first quarter of 2017 versus BD 4.2 million (US$ 11 million) in Q1 2016. The income increased by 506 per cent year-on-year (YoY).
Alba’s Chief Executive Officer, Tim Murray said, “Alba continues to improve its underlining performance through leveraging the recent gains in LME prices. Despite the recent power outage incident, Alba still expects to deliver strong results in 2017.”
The company’s total sales stands at BD 190.4 million (US$ 506 million) in the first quarter of 2017 versus BD 156.4 million (US$ 416 million) in Q12016. The total sales increased by 22 per cent YoY.
During the recent AGM, the company approved a dividend of BD 29.6 million (US$ 78.7 million) to be paid from April 2.
The Chairman of Alba’s Board of Directors, Daij Bin Salman Bin Daij Al Khalifa said: “… Together with our solid financial basis, we will be able to transform Alba as Line 6 will shape our future for the generations to come.”
Alba’s Management will be holding a conference call on Tuesday, April 25, 2017 to discuss company’s financial performance for the first quarter of 2017 as well as outline the Company’s priorities for the remainder of the year.