Trade Arabia reported that Aluminum Bahrain saw sales figures reach USD 1.9 billion last year as compared to USD 1.5 billion in 2009 while net income was USD 368 million as against a loss of USD 220 million in 2009.
The board announced its recommendation to distribute cash dividends at 54.39% of the total paid up capital of the company excluding treasury shares which is 53 fils per share to shareholders who are appearing in the company's register of shareholders as at the annual general meeting scheduled to be held on March 30. This recommendation of cash dividend distribution is subject to the regulators and shareholders approval at the AGM.
Mr Mahmood Hashim Al Kooheji chairman of Alba said that Alba remains firmly positioned in gaining global leadership in the aluminium industry as the company capitalizes on the opportunities available through the recovery of demand for aluminum in 2010.
Mr Al Kooheji said that there has been an increased focus on expanding the global footprint of Alba's portfolio of high value aluminum products, greater emphasis on continuous improvement processes and in delivering results to our growing list of shareholders who have keenly demonstrated their trust in Alba's ability to maintain and exceed growth targets.
He said that the encouraging results of the full year and fourth quarter 2010 indicate that the company remains on track in meeting some of its plans for expansion and in bolstering overall organizational performance.
Mr Laurent Schmitt CEO of Alba said that “2010 has been a remarkable year in Alba’s history as the company experienced strong recovery of its operational results, cash generation and took steps to strengthen its global competitiveness, operational efficiency and increased transparency. The success of the IPO last November and the enthusiastic response it generated from both retail and institutional investors marked the company’s transformation into a pure commercial entity.
Mr Schmitt said that Alba had attained key milestones in achieving significant results in its continuous improvement processes and in 2011 the company remained on track in accomplishing greater savings and sustain the continuous improvement gains through lean manufacturing.
He said that in 2011, the company hopes to capitalize on improved market conditions to expand into new territories for its high value products and accelerate growth plans that would support increased productivity and profitability. The review of the feasibility studies for both the Line 4 and Line 5 Creep projects and the development of the Line 6 project will be one of the key priorities in the current year. We are determined to improve on the successes achieved in 2010 and continue to achieve encouraging results for the benefit of all our stakeholders.
（Sourced from Trade Arabia）
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