Alba is expected to achieve a healthy financial performance for the first half of this year, surpass current growth targets and remain confident of maintaining a positive outlook for the rest of 2011. The positive news was announced by Alba chairman Mahmood Hashim Al Kooheji following the second quarterly board meeting for the year at the Ritz-Carlton Bahrain, Hotel and Spa yesterday.
The board praised Alba's employees for successfully contributing towards increased profitability and in exceeding sales and production growth targets despite the recent difficulties faced by companies in Bahrain.
"The first half of 2011 presented many challenges to companies in Bahrain, and Alba was not an exception," said Mr Al Kooheji.
"However, Alba maintained normal operations and managed to achieve substantial growth in sales and production.
"This success was due to the focused leadership demonstrated by the management team as well as the commitment and loyalty shown by Alba's employees.
"I am confident that this fine example of remarkable teamwork will pave the way for greater accomplishments in the second half of 2011 and yield positive results for the company.
" The board reviewed the updates on the company's growth strategy, the various studies related to Alba's growth options and the progress achieved on the back of the improvement action plans.
It was further updated on the Alba Vision and the Alba Star projects.
Approval was given to the 2011 year-end financial forecasts presented by the management and the investment project aimed at increasing Casthouse's production capacity.
The board's approval on the opening of the European sales office in Switzerland was also ratified.
The Alba board of directors comprises six directors appointed by Bahrain Mumtalakat Holding Company, which in addition to the chairman include Fawzi Ahmed Kanoo, Yusuf Abdulla Taqi, Shaikh Mohammed bin Khalifa Al Khalifa, Osama Mohammed Al Arrayedh and David Meen. The two directors appointed by Sabic Industrial Investments Company are Mutlaq H Al Murished and Humood Abdulla Al Towaijri and the independent director is Abdul Aziz Al Humaid. The meeting was attended by Alba's senior executive management team. The board expressed thanks and appreciation to the management team, managers, Alba employees and their representatives in the Alba Labour Union for their continuing hard work and constant support to improve and develop the company's operations