This was stated by the Chairman of Alba’s Board of Directors, Mahmood Hashim Al Kooheji, following the second quarterly meeting for the year 2011, which was held on Sunday at the Ritz Carlton, Bahrain.
The Alba Board of Directors held its second quarterly meeting on Sunday, June 19, 2011 at the Ritz Carlton, Bahrain
Alba Board was updated on the implementation of the company’s growth strategy as well as the progress on the different studies related to Alba’s growth options
Alba Board approves 2011 Year-End financial forecasts presented by the management
The Board praised Alba’s employees for successfully contributing towards increased profitability and in exceeding sales and production growth targets despite the recent difficulties faced by the companies in Bahrain.
“The first half of 2011 presented many challenges to companies in Bahrain, and Alba was not an exception. However, Alba maintained normal operations and managed to achieve substantial growth in sales and production. This success was due to the focused leadership demonstrated by the management team as well as the commitment and loyalty shown by Alba’s employees. I am confident that this fine example of remarkable teamwork will pave the way for greater accomplishments in the second half of 2011, and yield positive results for the company,” the Chairman of Alba’s Board of Directors, Mahmood Hashim Al Kooheji said.
The board reviewed the updates on the company’s growth strategy, the various studies related to Alba’s growth options, and the progress achieved on the back of the improvement action plans. The Board was further updated on the Alba Vision and the Alba Star Project.
The board accorded the approval for the 2011 year-end financial forecasts presented by the management as well as to the investment project aimed at increasing Casthouse’s production capacity.
The board also approved the opening of the European Sales Office in Switzerland.
The board reviewed the management report as well as reports prepared by the board audit committee and the human resources committee.
The Alba Board of Directors comprises six directors appointed by Bahrain Mumtalakat Holding Company, which in addition to the Chairman of the Board, Al-Kooheji, include Fawzi Ahmed Kanoo, Yusuf Abdulla Taqi, Shaikh Mohammed bin Khalifa Al Khalifa, Osama Mohammed Al Arrayedh, and David Meen. The two directors appointed by Sabic Industrial Investments Company are Mutlaq H. Al Murished, and Humood Abdulla Al Towaijri, and the independent director, Abdul Aziz Al Humaid.
The meeting was attended by Alba’s Senior Executive Management Team namely, Alba’s Chief Executive, Laurent Schmitt, Alba’s Chief Supply Chain Officer and Acting Chief Operations Officer, Isa Al Ansari, Alba’s Chief Financial Officer, Tim Murray, Chief Marketing Officer, Jean Baptiste Lucas, and other company officials.
The Chairman expressed his sincere thanks and appreciation to the Government of Bahrain, led by His Majesty King Hamad bin Isa Al Khalifa, His Royal Highness the Prime Minister Prince Khalifa bin Salman Al Khalifa, and His Royal Highness the Crown Prince and Deputy Supreme Commander, Prince Salman bin Hamad Al Khalifa.
Al Kooheji also expressed his gratitude for the continuous support of the Kingdom of Saudi Arabia and the Custodian of the Two Holy Mosques King Abdullah bin Abdul-Aziz Al Saud.
Alba has been consistently ranked as one of the largest aluminium smelters in the world, and is known for its technological strength, global competitiveness and innovative policies. Alba produces more than 860,000 metric tonnes per annum of aluminium which meet or exceed the industry standard for purity, with products including standard and T-ingots, extrusion billets, rolling slab, propertzi ingots, and molten aluminium.