Q2 Profit of Aluminium Bahrain Shows 25 Percent Drop

ABU DHABI (Scrap Monster): Aluminium Bahrain (ALBA), fourth among the world’s largest aluminium smelters reported a 25 percent drop down in second quarter profit due to price depreciation. The total second quarter profit of ALBA stood at $41 million, declined by more than 25 pct when compared to that of same period of 2013.

Net aluminium sales of ALBA have reduced by $5 million to about $515 million, when compared with the second quarter of previous year. In a statement, company said that the ALBA’s board recommended a dividend of 12 fils a share, i.e. about $45 million.

The company has already started $2.5 billion expansion plan for adding a sixth production line. The Government of Bahrain has also given a gas allocation approval for the expansion project. The sixth production line will complete and come on stream in the year 2015. And this will increase its present production capacity of 890,000 tonnes to about 1,290,000 tonnes.

Adding a new power station is also part of this expansion plan. ALBA plays a vital role in the Bahrain’s economy and it contributes about 10 pct of its GDP. About 88 pct of ALBA’s employees are Bahrainis.