Alba’s net income increases by US$ 57 m in Q1 2017

Aluminium Bahrain B.S.C (Alba) presented its financial results as per the International Financial Reporting Standards (IFRS) accounting rules. 
Below is a summary of Alba’s results for the First Quarter of 2017:
Q1 2017 Industry Highlights
Global physical demand remains healthy with world consumption up by 6% YoY. Asian demand rose by 7% YoY led by Chinese consumption (+8% YoY). MENA demand grew by 5% YoY driven by major infrastructure spending in Saudi Arabia (+13% YoY). In addition, demand in North America surged by 3% YoY supported by firm growth in the auto production while Europe consumption rose modestly by 2% YoY attributed to good demand in construction and automotive sectors.
World production rose by 9% YoY supported by Chinese output (+17% YoY), leading the world market to be in surplus with China (+664Kt) and in deficit w/o China (-414Kt).
LME inventories at 1.8 million mt in March.
LME cash-average for the first quarter of 2017 was US$ 1,850/t up by 22% YoY
2017 Alba Highlights
Continuous improvement in Safety Performance with the launch of Safety Tomorrowland initiatives. 
Sales volume up by 4.9% YoY (242,932 mt) and production up by 5.6% YoY (248,776 mt)
Value-Added Sales averaged 56% of total shipments (versus 52% in Q1 2016) 
Line 6 on track
? Feed Study completed in January 2017
? 80 Packages have been awarded (out of 150 packages) 
Q1 2017 Financial Results
The Company’s top-line and bottom-line performance for the first quarter of 2017 were driven primarily by higher LME prices and favourable management performance. 
Alba Total Sales for the first quarter of 2017 jumped by 22% YoY to reach BD 190.4 million (US$ 506 million) versus BD 156.4 million (US$ 416 million) for the same period in 2016. The Company posted a Net Income of BD 25.6 million (US$ 68 million) compared to BD 4.2 million (US$ 11 million) in Q1 2016, an increase of 506% YoY.
During the AGM on 21st March 2017, Alba approved a dividend of BD 29.6 million (US$ 78.7 million) to be paid from April 2nd 2017
2017 Alba Priorities
Focus on Safety Tomorrowland Initiatives
Fully Restore Line 5 Production 
Deliver on Project Titan - Phase II
Leverage Strong Demand on Value-Added Sales
Line 6 on Schedule 
- Award Remaining Packages in 2nd half of 2017 
Commenting on Alba’s sound financial performance in Q1 2017, the Chairman of Alba’s Board of Directors, Daij Bin Salman Bin Daij Al Khalifa: 
"Alba has successfully closed the first quarter strong with an unparalleled performance in its top-line and bottom-line. 
Together with our solid financial basis, we will be able to transform Alba as Line 6 will shape our future for the generations to come."
Alba’s Chief Executive Officer, Tim Murray added:
"Alba continues to improve its underlining performance through leveraging the recent gains in LME prices. Despite the recent power outage incident, Alba still expects to deliver strong results in 2017. 
Alba's Management will be holding a conference call on Tuesday, April 25, 2017 to discuss Alba's financial performance for the first quarter of 2017 as well as outline the Company's priorities for the remainder of the year.

Source: BNA