Aluminium Bahrain (Alba), one of the largest aluminium producers in the world, swung to a second-quarter loss as global prices for the metal were driven lower by ongoing trade tensions.
The company, majority owned by Bahrain sovereign wealth fund Mumtalakat, recorded a total comprehensive loss of 3.3 million Bahraini dinars (Dh32.2m) for the three months ending June 30, it said in a statement to Bahrain Bourse, where its shares trade. It posted a total comprehensive income of 29.1m dinars in the corresponding period of 2018.
Alba’s gross profit for the reporting period also slid to 15.4m dinars, more than halving from 34.4m dinars a year earlier. Total revenue of 245.1m dinars for the second quarter of this year, however, was slightly higher than the 244m dinars in the same period last year, it noted.
US-China trade tensions and other geopolitical events have taken their toll on investors and “added bearish dimension to the overall market sentiment”, Alba said in the bourse filing, adding that primary demand dropped in North America and Europe due to a cyclical slowdown in economic activity.
The stimulus measures adopted by the Chinese government, it said, had also "failed to create activity in key market-sectors such as auto and construction". Consumption in the Middle East and North African markets also fell on the back of weaker construction activity, it said.
Prices of aluminium on the London Metal Exchange (LME) dropped 21 per cent year-on-year to $1,793 per tonne in the second quarter of this year, the company said.
“The economic uncertainty and lower LME prices have taken its toll on the aluminium industry but in Alba, we have emerged stronger with progressing the ramp-up of Line 6,” Alba’s outgoing chief executive, Tim Murray, said. He is due to step down at the end of July after seven years in charge of the company.
The Line 6 expansion project of Alba will make it the world’s largest aluminium smelter, boosting Alba’s per-annum production by 540,000 metric tonnes to 1.5 million metric tonnes per year. Alba’s Line 6 Expansion Project is one of the biggest brownfield developments in the Middle East region, with a project cost of around $3 billion.
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
The bio:
Favourite holiday destination: I really enjoyed Sri Lanka and Vietnam but my dream destination is the Maldives.
Favourite food: My mum’s Chinese cooking.
Favourite film: Robocop, followed by The Terminator.
Hobbies: Off-roading, scuba diving, playing squash and going to the gym.
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Killing of Qassem Suleimani
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Killing of Qassem Suleimani
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
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Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Killing of Qassem Suleimani
if you go
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KILLING OF QASSEM SULEIMANI
OIL PLEDGE
At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
COMPANY%20PROFILE
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
