Alba’s net income soars by 111% in H1 2017

Aluminium Bahrain (Alba) has reported that net income for the first half of 2017 rose by 111% YoY to $115.2m versus $54.5m for the same period in 2016

Tim Murray, CEO, Alba.
Tim Murray, CEO, Alba.

In its latest financial statement, Aluminium Bahrain (Alba) has reported that net income for the first half of 2017 rose by 111% YoY to $115.2m versus $54.5m for the same period in 2016, the company revealed in a press release.

Continuing in the same vein, the company generated a net income of $47.1m in Q2 2017, up by 8.5% YoY, compared to $43.4m in Q2 2016. 

The company reported total sales of $476.9m in Q2 2017 versus $441m for the same period in 2016, up 8% YoY. Total sales in H1-2017 stood at $983.3m, up by 15% YoY, versus $56.8m in H1-2016.

Alba’s top-line and bottom-line for the second and first-half of 2017 were primarily driven by higher LME (London Metal Exchange) prices, an increase of 22% YoY, and favourable employee performance.

Commenting on Q2 & H1 2017 financial results, the chairman of Alba’s board of directors, Daij Bin Salman Bin Daij Al Khalifa, said: “Alba improved its bottom-line despite the impact of the power outage. I would like to thank our employees and contractors for their efforts in safely restoring Line 5 production to normal operations.”

Alba’s chief executive officer, Tim Murray added: “We delivered exceptional results taking into account the strain that Line 5 recovery put on our operations."

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