Aluminium Bahrain B.S.C. released results for the final quarter and full year of 2019 on Thursday. Despite less than favorable market conditions, the firm reported better results in most metrics for both periods largely due to the commissioning of aluminium production at Line 6.
In the fourth quarter, Alba recorded a Profit and Total Comprehensive Income of BD13.82 million (US$36.76 million), reversing a loss from 2018’s closing quarter of BD17.54 million (US$46.65 million). Alba’s gross profit in the quarter totaled BD44.77 million (US$119.08 million), also flipping a loss from 2018’s fourth quarter of BD8.37 million (US$22.26 million). Revenue from contracts and customers rose by 39 percent on the year to BD293.67 million (US$781.05 million), and the firm’s basic and diluted earnings per share totaled fils 10, reversing last year’s fourth-quarter loss per share of fils 13.
For the year as a whole Alba reported a Profit and Total Comprehensive Income of BD5.38 million (US$14.31 million), off by 91 percent from the prior year’s total of BD59.76 million (US$158.92 million). Gross Profit rose by 6 percent to BD90.22 million (US$239.95 million) over 2018’s total of BD 84.99 million (US$226.04 million). Revenue from Contracts and Customers in 2019 came to BD1,029.38 million (US$2,737.7 million), good for a 13-percent rise on the year.
In 2019 Alba became the world’s most prolific aluminium smelting operations outside the People’s Republic of China thanks to the opening of its new Line 6. Production at the site rose by 35 percent on the year to 1,365,005 metric tons, while sales volumes rose by one-third on the year to 1,350,326 metric tons.
Chairman of Alba’s Board of Directors Shaikh Daij Bin Salman Bin Daij Al Khalifa congratulated the firm for a robust year despite external challenges.
“It is encouraging to see that Alba has closed 2019 strong despite a challenging year for the industry. 2019 was a great year as we have recorded many firsts in Alba’s history: breakthrough record in Safety, Production and Sales’ volume thanks to our people. With Mr. Al Baqali as the realm of Alba in this next chapter of growth, our Company is better positioned for further success.”
Alba Chief Executive Officer Ali Al Baqali echoed the chairman’s sentiments.
“Despite a weak market sentiment, we have made 2019 an exceptional year by focusing on what we control best at all times: Safety, Production and Cost. It is an honour and privilege to serve Alba as the Chief Executive Officer and I look forward to work together with Alba’s Board of Directors as we go beyond Line 6. I also want to thank all Alba employees and contractors for a great 2019 and look forward to more accomplishments.”
Alba is one of the largest industrial companies in the Middle East and is the world’s biggest aluminium smelter outside the People’s Republic of China. Originally incorporated in 1968, the company is based in Bahrain and 84% of its total workforce are Bahraini nationals. It began operations in 1971 with a 120,000 metric ton annual capacity. Modernization bumped the output up to 450,000 metric tons in 1992. In the spring of 2005, Alba opened Line 5, raising output by 860,000 metric tons per year. In 2019 Alba’s smelter produced 1,365,005 metric tons of primary aluminium.