MANAMA: Aluminium Bahrain B.S.C. (Alba), which witnessed a record breaking-year in production reaching 931,427 metric tonnes in 2014, reported its 2014 net income of $257million, up $44million or 21% compared with 2013.
Alba’s board of directors reviewed its full-year and fourth quarter of 2014 results during a meeting during which dividend of $101 million was proposed by the board, of which $45 million had been paid in September 2014 as an interim dividend.
Alba’s total sales for the full-year of 2014 were up by 10% YoY to reach BD 821.7 million (US$ 2.185 billion) versus BD 749.3 million (US$ 1.993 billion) in 2013. As for the fourth quarter of 2014, total sales totalled BD 222.2 million (US$ 591 million) versus BD 183.5 (US$ 488 million) in Q4 2013, an increase of 21% YoY on the back of higher LME prices and physical premiums.
The company posted a net income for 2014 of BD 96.4 million (US$ 257 million) compared to BD 79.7 million (US$ 212 million) in 2013. Net income for the fourth quarter of 2014 stood at BD 34.6 million (US$ 92 million) versus BD 13.7 million (US$ 36 million).
The total dividend proposed for fiscal year 2014 is BD 37.9 million (US$ 101 million) versus 2013 total dividend of BD 50.7 million (US$ 135 million). The Board recommended a final 2014 dividend of BD 21 million (US$ 56 million) in addition to the interim dividend already paid in September 2014 of BD 16.9 million (US$ 45 million).
“The year 2014 was a year of tremendous accomplishments in safety and production with Alba achieving 931,437 metric tonnes, the highest in Alba’s 43 year history. Looking ahead, the company plans to focus on growth and the Line 6 expansion project,” Shaikh Daij Bin Salman Bin Daij Al Khalifa, told the board meeting.
“Alba continued to make improvements in Safety performance which had a direct positive impact on the bottom line. With Alba’s dedicated workforce and focus on continuous improvement, I am confident 2015 will be another great year,” Alba’s Chief Executive Officer, Tim Murray, added.