alba reports full year 2012 results
Last Updated : GMT 13:03:42
Arab Today, arab today
Arab Today, arab today

Alba reports full year 2012 results

Arab Today, arab today

Arab Today, arab today Alba reports full year 2012 results

Manama - BNA

Aluminum Bahrain BSC (Alba) Company issued the following statement yesterday regarding its full year results for fiscal year 2012 2012 Industry Highlights: Aluminum demand still healthy with world consumption up by 3.9% year-on-year (YoY). Demand in North America continues to grow with 5.6% YoY driven by automotive and construction sectors; Asian consumption propelled by China (8% YoY) and India (6% YoY). MENA demand up by 5.5% YoY while demand in Europe down by 4.8% due to a decline in automotive production World production growing at 3.3% and is expected to rise with greenfield projects ramp-up in the Middle East, Russia and India Aluminum cash prices at the London Metals Exchange dropped by 16% in 2012 with an average cash price of US$ 2,019 mt versus US$ 2,398 mt in 2011 2012 Alba Highlights: Alba achieved recurrent savings of US$ 40 million in 2012 ahead of the $30 million target Alba increased production by 8,907 metric tons despite tough LME market conditions Sales of Value-Added products reached 65% of total shipments in 2012 versus 62% in 2011 Pot Line 5 upgraded from AP30 to AP36 technology allowing an increase of current to 360 kA Bechtel Canada was selected to perform the Bankable Feasibility Study (BFS) for Line 6 expansion with Dubal DX+ technology as the base for BFS 2012 Full Year Results: Alba’s sales for the full-year of 2012 were US$ 1,978 million, a decline of 16% on the back of low LME prices versus US$ 2,349 million in 2011. The company has registered a Net Income for 2012 of US$ 257 million vs. US$ 564 million in 2011 which is a drop of 54% YoY driven by lower LME prices and higher energy costs. In 2012, the actual cash delivered to the shareholders was US$ 203 million vs. 267 million in 2011. The Board recommended an additional dividend of US$ 52 million bringing the total dividend for 2012 to US$ 105 million. 2013 Alba Priorities: Accelerate Alba Safeway program Leverage high physical premiums in 2013 new contracts as well as maintain a sustained focus on Value-Added products Complete the refinancing of US$ 169 million local bond facility in March 2013 Finalize long-term contract to secure gas and power as well gear-up for Pot Line 6 expansion project Alba released its full year and fourth quarter 2012 results during a meeting of the company’s Board of Directors on Wednesday, February 13, 2013. Commenting on the full-year results, Alba’s Chief Executive, Tim Murray said: “Despite tough LME market conditions, Alba’s resilient business model has enabled the company to achieve a healthy financial performance in 2012 thanks to the sustained focus on Operational Excellence and the support of our dedicated workforce. As the Aluminum industry outlook looks positive, Alba is well-positioned to embark on 2013 thanks to the milestones achieved in 2012 which will lay the foundations for a better overall performance.” The Chairman of Alba’s Board of Directors, Mahmood Hashim Al Kooheji added: “Alba turned in yet another record-breaking year, with production reaching 890,217 metric tons in 2012. Amid the downtrend in LME prices, the company was still able to sustain its healthy performance - a testament on our ability to execute against strategy thanks to the leadership of our Executive Management Team and the support showed by Alba’s workforce. Furthermore, distributing a cash dividend of US$ 105 million for 2012 - 28 Fils per share - endorses the company’s strong business fundamentals which continuously deliver value to its shareholders.” Alba\'s Chief Executive Officer, Tim Murray, Acting Chief Finance & Supply Officer, Ali Al Baqali and Investor Relations Manager, Eline Hilal will be holding a series of meetings with investors in Bahrain, London and New York City. They will be making a presentation on the Full Year and Fourth Quarter Results, discuss Alba\'s performance for 2012 as well as outline the company\'s priorities and plans for 2013.

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