Aluminium Bahrain B.S.C. (Alba) announced results for the year’s third quarter and its first nine months yesterday, reporting numbers lower than usual due to the volatile global market that was upended due to the novel coronavirus pandemic.
In the year’s third quarter Alba reported a net loss of BD11.6 million (US$31 million), reversing a net profit of BD10.7 million (US$28.4 million) in last year’s third quarter. The total comprehensive loss came to BD11.7 million (US$31.1 million), also a reversal from last year’s third quarter, when the firm recorded a total comprehensive profit of BD10.7 million (US$28.4 million). Alba’s gross profit for the quarter came to BD25.7 million (US$68.3 million), off by 12 percent from last year’s third quarter gross profit of BD29.2 million (US$77.6 million).
For the opening nine months of the year Alba turned in a net loss of BD22.3 million (US$59.2 million), up by 164 percent on the year from last year’s first nine month net loss of BD8.4 million (US$22.4 million). The firm’s total comprehensive loss in the period rose 273 percent, from BD8.4 million (US$22.4 million) last year to BD31.5 million (US$83.8 million) this year. Gross profit for the first nine months totaled BD80.9 million (US$215.1 million), better by 78 percent on the year from last year’s gross profit of BD45.4 million (US$120.9 million).
Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa stressed the firm’s safety record during the challenging times.
“We are all in this together and COVID-19 showed us that nothing is more important than our Safety. At Alba, Safety of our people and contractors’ employees, is and will remain our number one priority. Like all businesses, our performance has been relatively dampened due to COVID-19 impacts and despite our operational resilience.”
Alba’s Chief Executive Officer Ali Al Baqali said he had high hopes for the firm despite the difficult conditions.
“We continue to navigate through these unprecedented times by focusing on what we control best: Safety of our People, Efficient Operations and Lean Cost Structure. We also remain optimistic that with the agility of our people and strategic capabilities, we will get back on track and stronger than before.”
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.