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Aluminium Bahrain (ALBH)

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Tuesday 03 May, 2016

Aluminium Bahrain

1st Quarter 2016 Results

RNS Number : 9580W
Aluminium Bahrain B.S.C.
03 May 2016
 

 

FOR IMMEDIATE RELEASE
MANAMA (ALBH)
 
Aluminium Bahrain B.S.C. (Alba) presents its financial results as per the International Financial Reporting Standards (IFRS) accounting rules. All investors and reporters are asked to read Alba’s Q1 2016 (Reviewed) Financial Statements posted at www.albasmelter.com.
Alba’s results for Q1 2016 are summarised below

 

Alba Reports Q1 2016 Results

 

Q1 2016 Industry Highlights

 

·    World consumption up by 5% YoY while world production up by 1% YoY

·    Q1 2016 cash-average was $1,515/t down by 16% YoY

·    Significant drop in global physical premiums 

·    LME inventories at 2.8 million metric tonnes (mt) in March

 

Q1 2016 Alba Highlights

·    Continuous improvement in safety performance

·    Sales figures up by 1.4% YoY (231,538 mt)

·    Value-Added Sales averaged 52% of total shipments

·    Launch of Project Titan - Phase II with the aim to streamline cash-cost by US$100 per mt and boost Alba's production capacity to reach 1 million mt per annum by end of 2017

 

 

 

 

Q1 2016 Financial Results

The Company's top-line and earnings performance for the first quarter of 2016 were driven primarily by the collapse of all-in-aluminium prices.

Alba reported a Total Sales of BD 156.5 million (US$ 416 million) versus BD 206.6 million (US$ 549 million) for the first quarter of 2015, a drop of 24% YoY; while Net Income stood at BD 4.2 million (US$ 11 million) as compared to BD 37.2 million (US$ 99 million) for the same period in 2015.    

 

2016 Alba Priorities

·    Continuous Focus on Safety Initiatives & Talent Management  

·    Deliver on Project Titan - Phase II

·     Line 6 in progress: Bechtel appointed as EPCM Contractor

 

Aluminium Bahrain B.S.C. (Alba) announced the release of its first quarter of 2016 results on Monday, May 2, 2016.

 

Commenting on Q1 2016 Results, the Chairman of Alba's Board of Directors, Daij Bin Salman Bin Daij Al Khalifa:

"Despite weak market sentiment coupled with low LME prices, Alba still recorded positive Net Income.

Line 6 continues to gain momentum and we look forward to work with Bechtel who got recently appointed as EPCM contractor."

Alba's Chief Executive Officer, Tim Murray added:

"Alba was able to sustain its intrinsic financial performance in the face of very difficult market conditions thanks to the support of our dedicated workforce.

 

We will continue to drive operational performance and '"Doing more than necessary"' to bolster Alba's performance despite the challenging market conditions."

Alba's Management will be holding a conference call on Tuesday, May 3, 2016 to discuss Alba's financial performance for the first quarter of 2016 as well as outline the company's priorities for the remainder of the year.

ENDS

 

Click on, or paste the following link into your web browser, to view the associated PDF document.

 http://www.rns-pdf.londonstockexchange.com/rns/9580W_-2016-5-3.pdf

 

Photo Caption:

Picture 1: Alba's Chairman, Daij Bin Salman Bin Daij Al Khalifa

Picture 2: Alba's Chief Executive, Tim Murray

 

About Alba:

Aluminium Bahrain B.S.C. (Alba) - one of the largest and modern aluminium smelters in the world - is renowned for its premium grade aluminium products, technological strength and innovative policies, strict environmental guidelines and high track record for safety. Established in 1971 as a 120,000 tonnes per annum smelter, Alba today produces more than 960,000 metric tonnes per annum of the highest grade aluminium, with products including standard and T-ingots, extrusion billets, rolling slab, properzi ingots, and molten aluminium.

 

Alba is listed on both the Bahrain Bourse and London Stock Exchange, and the Company's shareholders are Bahrain Mumtalakat Holding Company (69.38%), SABIC Industrial Investment Company (20.62%) and the General Public (10%).

 

 

About Line 6 Expansion Project:

 

Line 6 Expansion Project will make Alba the world's largest single-site aluminium smelter. Expected to begin production by early 2019, this Project will boost the per-annum production by 540,000 metric tonnes, bringing the total production capacity of Alba to around 1.5 million metric tonnes per year.

 

With a CAPEX of US$ 3.5 billion, the Line 6 Expansion Project is one of the largest brownfield developments in the region and involves the construction of a sixth pot line, a 1,350 MW power station and other industrial services.

 

Bechtel is the EPCM contractor for the Line 6 Expansion Project, which will be utilising EGA's proprietary DX+ Ultra Technology. J.P. Morgan, Gulf International Bank (GIB) and National Bank of Bahrain (NBB) are the Financial Advisors of this Project.

 

The Bankable Feasibility Study was completed by Bechtel in December 2014. In June 2015, Alba Board approved the Line 6 Expansion Project and in November 2015, Alba secured the natural gas supply for this Project.

 

The Line 6 Expansion Project will be a significant economic boost for the Kingdom of Bahrain as it will be creating many co-investment opportunities through local and foreign aluminium investments as well as significant employment opportunities for the nationals.

 

 

For further details, please contact:

 

Eline Hilal

Manager - Investor Relations, Public Relations &

Corporate Secretary

Investor Relations & Public Relations Department

 

Tel:        (973) 1783 5100 (direct)

Fax:        (973) 1783 3822

E-mail: [email protected]

Website: www.albasmelter.com.bh

 

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This information is provided by RNS
The company news service from the London Stock Exchange
 
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