News Column

Alba Reports Q2 and H1 2014 Results

July 30, 2014



ENP Newswire - 30 July 2014

Release date- 29072014 - Alba's Total Sales for the first six months of 2014 were US$ 1.001 billion versus US$ 1.018 billion in H1 2013, on the back of higher premium partially offset by lower LME prices.

Sales for the second quarter of 2014 reached US$ 515 million (BD 193.6 million) compared to US$ 520 million (BD 195.5 million) for the same period in 2013. The company posted a Net Income of US$ 86 million (BD 32.3 million) for the first half of 2014, versus US$ 163 million (BD 61.2 million). Net Income for the second quarter of 2014 stood at US$ 41 million (BD 15.2 million) compared to US$ 55 million (BD 20.7 million) driven by low LME prices.

The Board has recommended an Interim Cash Dividend of 12 Fils per share, which is US$ 45 million (BD 16.9 million).

2014 Alba Priorities

Continuous focus on Safety and training initiatives

Deliver on Project Titan

Sustainable value-added products and leverage physical premiums

Increase creep up capacity with minimum capital investment

Finalise gas contract structure

Aluminium Bahrain B.S.C. (Alba) announced the release of its second quarter and first half of 2014 results on Sunday, June 27, 2014.

Commenting on Q2 & H1 2014 results, Alba's Chief Executive, Tim Murray said: 'Alba was able to deliver another strong operational performance and improve safety by achieving 4 million hours without an LTI. We were able to increase cash flow year over year despite lower LME by accelerating the savings on project Titan.'

The Chairman of Alba's Board of Directors, Daij Bin Salman Bin Daij Al Khalifa added: 'Alba continues to improve its underlining performance and achieve sustained earnings amid tough LME market conditions. I would like to thank all the employees of Alba for the continued focus on Safety.'

Contact:

Aluminium Bahrain B.S.C.

PO Box: 570

Kingdom Of Bahrain

Tel: + 973 - 17 830000

Fax: + 973 - 17 830083


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Source: ENP Newswire


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