Alba Sets Financial Highs In Q2 Across The Board

Alba Sets Financial Highs In Q2 Across The Board

Aluminium Bahrain B.S.C. (Alba) reported results for the second quarter and first half of 2021 yesterday, showing improvements over last year across the board.

In the year’s first half, Alba reported a Total Comprehensive Income of BD90.6 million (US$241.1 million), reversing a loss from last year, up by 598 percent. Gross Profit for the quarter came in at BD123.7 million (US$328.9 million), up by 471 percent from last year’s total of BD21.6 million (US$57.6 million). Alba’s revenue for the quarter increased by 52 percent on the year, to BD370 million (US$984 million) from last year’s total of BD244 million (US$649.1 million).

In the first half Alba turned a profit of BD144.8 million (US$385 million), better by 1,461% on the year and reversing a loss of BD10.6 million (US$28.3 million) in last year’s first half. Total comprehensive income for the first half was BD149.1 million (US$396.5 million), improved by 852% on the year over last year’s Total Comprehensive Loss of BD19.8 million (US$52.7 million). Gross profit improved in the first half as well to BD204.2 million (US$543 million), up by 270 percent from last year’s first-half total of BD55.2 million (US$146.8 million). Revenue for the first half increased by 29 percent on the year to BD672.7 million (US$1,789 million) from BD520 million (US$1,383 million) last year.

The Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa. said in a related press release that the year so far has been vastly improved over 2020.

“Despite the COVID-19 challenge and global logistics’ issue, Alba has set new benchmarks in its 5 decades of commercial operations: higher production, higher EBITDA and higher Net Profit ever achieved in 6-months period. This unparalleled operational and financial performance is defined by our strong results rather than our attributes. Our results speak louder than words and this strong comeback on all fronts would not have been made possible without the resilience of our workforce and for ‘Thinking First, Safety Always’.”

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 2020 Alba’s smelter produced 1,548,500 metric tons of primary aluminium.