Bahrain's Alba says Q1 sales up 2.2%

Aluminium Bahrain CEO says figures are ahead of forecast; production also up by 3%
Bahrain's Alba says Q1 sales up 2.2%
(Photo for illustrative purposes only)
By Andy Sambidge
Tue 09 Apr 2013 09:59 AM

Aluminium Bahrain, also known as Alba, has said sales rose more than two percent in the first quarter of the year on a production increase of three percent.

The company's sales figures in Q1 reached 219,537 metric tonnes (mt), up by 2.2 percent compared to the same period last year.

Production jumped by three percent to 227,414 mt versus 220,738 mt for the same period in 2012, Alba added in a statement.

Alba's chief executive, Tim Murray, said: "We are pleased with the higher overall figures for sales and production, ahead of the company's own forecast for the period thanks to a focused marketing strategy and a sustained focus on enhancing productivity."

The Q1 figures come on the back of strong performance in 2012 when Alba's production of 890,217 metric tonnes per annum (mtpa) was a jump of 8,907 metric tonnes from the 881,310 mtpa produced in 2011.

Alba's high-grade aluminium product range includes standard and T-ingots, extrusion billets, rolling slab, properzi ingots and molten aluminium. They are produced to high purity standards that exceed 99.9 per cent.

Alba, which owns the world's fourth-largest aluminium smelter, in December received two loans from banks to refinance a $169m bond maturing in March.

Alba, 69 percent owned by Bahraini sovereign wealth fund Mumtalakat and 20 percent by the Saudi government, said it obtained a five-year $85m loan from Bahrain's Gulf International Bank and a three-year $84m loan from a group of banks including Ahli United Bank, National Bank of Bahrain, Bank of Tokyo-Mitsubishi UFJ Ltd, Bank of Bahrain and Kuwait and Arab Banking Corporation.

In December Alba said it had hired Bechtel Canada to conduct a feasibility study for its proposed $2.5bn expansion plan to add a sixth production line.

The new line - which will add 400,000 tonnes annual capacity to its current production of 881,000 tonnes a year - could be completed by early 2015.

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