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Alba Discloses its Financial Results for the Second Quarter and H1 of 2020

Metal News - Published on Tue, 28 Jul 2020

Image Source: Alba
The global spread of COVID-19 pandemic has disrupted the world’s economy. Governments’ strategies have been focused to contain the spread of COVID-19 from restricting travels to closing public services and limiting industrial activity. Commodities have taken the hardest hit and Aluminium supply-chain is not an exception. With regards to the First Half of 2020, Alba has reported a Loss of BD10.6 million (USD 28.3 million), down by 44% YoY versus a Loss of BD19.1 million (USD 50.9 million) for the same period in 2019. Alba’s Total Comprehensive Loss for H1 2020 was BD19.8 million (USD 52.7 million), up by 4% YoY, compared to a Total Comprehensive Loss of BD19.1million (USD 50.9 million) in H1 2019. Gross Profit for the First Half months of 2020 was BD55.2 million (USD 146.8 million) versus BD16.2 million (USD 43.2 million) in H1 2019, up by 241% YoY.

Q2 2020 Alba Highlights
Sales’ volume topped 390,750 tonnes up by 25% YoY while Production reached 378,558 tonnes up by 24% YoY.
Value Added Sales averaged 34% of the total shipments.

2020 Alba Priorities
Continued Focus on Safety Globe Initiative to Keep Employees & Contractors Safe Amidst Novel COVID-19.
To achieve 2020 Production Target of 1,540,000 tonnes
Deliver on Project Titan Phase IV [Projected Savings of USD 100 Million by 2020-end].
Screen for Upstream Opportunities to Secure Alumina requirements.
Obtain Value-Added Sales’ Qualification with Aluminium Stewardship Initiative and Ecovadis certifications.
Complete SPL Treatment Plant and Port Upgrade as per Timeline

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Posted By : Yogender Pancholi on Tue, 28 Jul 2020
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