Thursday 6 August 2020

Alba posts record Q2 sales, production despite trade tensions

MANAMA, July 7, 2019

Aluminium Bahrain, one of the largest aluminium producers in the world, has registered solid growth in sales volume and production for the second quarter.

Alba, on course to be transformed into the largest smelter in the world with the full ramp-up of Line 6 on July 31, 2019, said the double-digit figures were achieved despite trade tensions and the downward pressure on LME prices.

For the second quarter, the sales’ volume went beyond last year's figures of 249,595 metric tonnes (MT) to top 311,928 MT, thus registering an increase of 25% year-on-year while production jumped 21 per cent to 305,727 MT compared to last year's 252,081 MT.

Alba closed this quarter with value-added (VA) sales averaging 52% of total shipments versus 60% for the same period in 2018.

For the first half, production reached 578,434 MT versus 511,480 MT in H1 2018, up by 13% YoY, while sales’ volume increased by 67,810 MT to top 569,042 MT year-to-date (up by 14% Y0Y).

Commenting on record sales’ volume and production, CEO Tim Murray said: "Driven by the solid progress on the Line 6 ramp-up, Alba closed the second quarter with double-digit volume increase in both Sales and Production."

"We are targeting Line 6 complete ramp-up by 31 July 2019 which will position Alba for a strong 2nd half-finish despite the tough aluminium market conditions," he stated.  

One of the 1 million-metric tonnes smelters in the world, Alba is listed on both the Bahrain Bourse and London Stock Exchange. Its major shareholders are Bahrain MuMTalakat Holding Company (69.38%), Sabic Industrial Investment Company (20.62%) and the General Public (10%).

Starting-out as a 120,000 metric tonne (MT) per annum smelter in 1971, Alba’s production for 2018 stood at plus-1 million metric tonnes.-TradeArabia News Service


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