Aluminium Bahrain B.S.C. (Alba) announced financial results for the first quarter of 2021 this week. The firm got help with its top line thanks to a rise in aluminium prices, while its bottom line was buoyed by the strong top line, but weighed down by a rise in both general and selling expenses.
In the year’s first quarter Alba turned a profit of US$138.8 million, an improvement of over 800 percent on the year. Total comprehensive income for the quarter reversed a loss from last year’s first quarter, posting a total of US$155.4 million. Meanwhile, gross profit for the quarter was up 140 percent on the year to US$214 million.
Alba’s revenue for the year totaled US$805.1 million, good for a 10-percent bump above last year’s opening quarter.
Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said in a related press release that planning is essential for the firm’s continued success.
“The best way to foresee a sustainable future is to plan it. Alba is where it is today thanks to the guidance and wise directives of Bahrain’s leadership as well as their farsighted vision and support towards the Line 6 Expansion Project – which has become a reality – and for trusting us to achieve this landmark project.”
“If we do what we’ve always done, we will end-up with what we’ve always gotten,” opined Alba’s Chief Executive Officer Ali Al Baqali.
“We had to think differently, thanks to this pandemic, to advance our performance as a Company on the operational and financial profitability fronts. It’s thanks to our agile workforce that we have been able to bounce-back and start 2021 strong. We also take pride in our Safety achievement as we topped collectively more than 10 million safe-working hours without LTI.”
Going forward, Alba expected to smelt 1.54 million metric tons of primary aluminium by year’s end.
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.