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
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."