Arab Today, arab today alba reports q1 2013 results
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Alba reports Q1 2013 results

Arab Today, arab today

Arab Today, arab today Alba reports Q1 2013 results

Manama - BNA

World consumption up by 6% YoY (i.e. year-on-year ) while world market production rose by 5% as compared to Q1 2012 and is expected to grow with Greenfield projects ramp-up in the Middle East (Ma’aden), Malaysia and India. Asian demand propelled by China (+11% YoY) and India (+7% YoY); MENA consumption continues to grow (+5% YoY) supported by large infrastructure spending in Saudi Arabia and Qatar. North America demand up by 2% YoY thanks to new investments in extrusion industry while Europe demand still weak due to a fall in automotive production . The LME cash average was at US$ 2,001 metric tons (mt) in Q1 2013 compared to US$ 2,177 mt for the same period last year Q1 2013 Alba Highlights: Improved Safety performance, Alba achieved 4 million hours without an LTI Alba increased its sales and production by 2.2% and 3% respectively Sales of Value-Added products reached 66% of total shipments versus 62% in Q1 2012 Successful completion of US$ 169 million local bond facility refinancing Q1 2013 Financial Results : Alba’s sales for the first quarter of 2013 reached US$ 498 million (BD 187.1 million), up by US$ 2 million from US$ 496 million (BD 186.4 million) in Q1 2012 due to strong physical premiums and favorable management performance despite low LME prices. The company has registered a Net Income of US$ 108 million (BD 40.5 million) vs. US$ 57 million (BD 21.3 million) for the same period in 2012 - an increase of 89% YoY. In March 2013, Alba paid US$ 52 million (BD 19.8 million) as the final dividend for 2012 bringing the total dividend for 2012 to US$ 105 million (BD 39.6 million). 2013 Alba Priorities: Continuous focus on Safety improvement Maintain Value-Added Sales and leverage 2nd half premium negotiations Increase creep capacity with minimal capital investment Line 6 expansion project Aluminum Bahrain B.S.C. (Alba) announced the release of its first quarter 2013 results on Tuesday, May 7, 2013. Commenting on Q1 2013 results, Alba’s Chief Executive, Tim Murray said: \"Alba was able to deliver a solid quarterly financial performance despite tough LME market conditions. We were able to capitalize on a significant increase in product premiums on the back of a strong operational performance.\" The Chairman of Alba’s Board of Directors, Mahmoud Hashim Al-Kooheji added: \"The company’s focus on strengthening its competitive edge through operational improvement has led to a big jump in production which contributed directly to the bottom-line. I would also like to express my sincere appreciation to the team at Alba for their efforts to improve overall safety performance.\" Alba\'s Chief Executive Officer, Tim Murray, Acting Chief Finance & Supply Officer, Ali Al-Baqali and Investor Relations Manager, Eline Hilal will be will be holding a conference call on Wednesday May 8, 2013 to discuss Alba\'s performance for the first quarter of 2013 as well as outline the company\'s priorities for the remainder of this year. 

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