Help Desk -
9717405332, 9599714297, 9810335381
Email
Password

Alba announces 2017 net income jumps by 91pct

Metal News - Published on Wed, 14 Feb 2018

Image Source: albasmelter.com
Alba closed 2017 strong the sound financial performance reflected the Company’s resilience in setting the benchmark on Line 5 recovery and was driven by favorable management performance.

The Company reported Total Sales of BD 857.8 million (USD 2.3 billion) in 2017, up by 28% versus BD 669.8 million (USD 1.8 billion) in 2016 while Q4 2017 Total Sales stood at BD 252.7 million (USD 672.2 million), up by 39% versus BD 181.6 million (USD 483.0 million) for the same period in 2016 – both driven by higher LME prices.

The Company generated a Net Income of BD 92.5 million (USD 245.9 million) in 2017, up by 91% compared to BD 48.4 million (USD 128.7 million). As for the fourth quarter of 2017, Alba posted a Net Income of BD 23.5 million (USD 62.4 million), up by 72% versus BD 13.7 million (USD 36.5 million) for the same period in 2016

The Company generated a Net Income of BD 92.5 million (USD 245.9 million) in 2017, up by 91% compared to BD 48.4 million (USD 128.7 million). As for the fourth quarter of 2017, Alba posted a Net Income of BD 23.5 million (USD 62.4 million), up by 72% versus BD 13.7 million (USD 36.5 million) for the same period in 2016.

Alba’s Board of directors recommended a dividend distribution of BD 36.8 million (USD 97.9 million) for the fiscal year 2017 which will be paid from March 21, 2018.

2017 Industry Highlights:

1. World consumption at 63.6 million metric tonnes and up by 6% Year over Year. Asian demand rose by 7% YoY led by consumption in China (+8% YoY). MENA demand remains strong (+4% YoY) driven by major infrastructure spending in Saudi Arabia (+12% YoY). Europe consumption up by 3% YoY driven by strong growth in transport (auto body sheet), building and construction sectors while demand in North America continues with the same momentum (+2% YoY) denominated by the automobile production.

2. World production up by 8% YoY (63.5 million tonne). Asia Production up by 12% YoY supported by Chinese output (+13% YoY) despite winter closures and partially offset by new smelters’ restarts. North America & Europe production down by 2% YoY and 1% YoY respectively.

3. World market in deficit with China (-43 Kt) and in deficit w/o China (-1.9 million mt).

4. LME inventories at 1.1 million tonne in December (down by 50% YoY).

5. Physical premiums prices almost flat.

2017 Alba Highlights:

1. Continuous improvement on Safety performance with the launch of ‘Safety in All Seasons’ Campaign.

2. Sales volume up by 0.4% YoY to reach 978,195 tonne while Production topped 981,016 tonne (+1% YoY).

3. 2017 Value-Added Sales averaged 57% versus 56% in 2016.

4. Project Titan - Phase II: normalised savings of USD 79 per tonne versus a target of USD 100 per tonne with taking into account the benefits of insurance claim.

5. Line 6 Expansion Project milestones::

a). Line 6 Smelter [5 million-hours w/o LTIs; overall progress: 40%]

b). Power Expansion [3 million-hours w/o LTIs; overall progress of Power Station 5 (PS 5) at 47% & PDS at 65%]

6. Alba signs MoU with GE for 4th GT block in PS 5.

7. Alba and Bechtel sign MoU to explore further opportunities.

Source :

Posted By : Amom Remju on Wed, 14 Feb 2018
Related News from Metal segment