Aluminium Bahrain (ALBA) on Sunday said that its first quarter sales reach $496 million with net profit $57 million.
Alba said its results were impacted by lower LME levels and higher gas costs, however, it maintained sound cash flow of $48 million despite the seasonal increase in inventory of raw materials as well as recovery of value-added sales in Europe.
According to the statement, shareholders and relevant regulatory authorities had approved 2011 dividend of $252 million. The first instalment of $102 million was paid in 2011 and $150 million was paid in March 2012.
“Without LME effect, Alba was able to maintain its performance despite the significant impact of gas price increase — which took effect in January 01, 2012.
The overall financial performance was underpinned by a major focus on our Continuous Improvement Programme and Operational Efficiency initiatives. These measures enabled the company to maintain a momentum despite the downward trend of aluminium prices,” Alba’s Chief Executive, Laurent Schmitt said.
“Alba’s performance in the first quarter reflects, once again, the company’s strong business model that has provided a key foundation for continued growth,” the Chairman of Alba’s Board of Directors, Mahmood Hashim Al Kooheji added.
“A key reason for this success has been the teamwork shown by our skilful workforce and the inspiring leadership of the Management on board.”