Aluminium Bahrain, one of the world’s largest aluminium smelters, has registered a profit of BD376.7 million ($1.02 billion) for the first nine months, up 39.2 per cent over BD270.7 million ($720 million) last year.

Announcing its results for the nine-month period ended September 30, Alba company reported basic and diluted earnings per share of fils 266 versus 191 fils for the same period in 2021. Alba’s total comprehensive income too posted growth hitting BD416.1 million ($1.1 billion), up 51 per cent YoY, compared to BD275.5 million ($732.7 million) last year.

Its gross profit for the nine-month period stood at BD465 million ($1.23 billion) versus BD361.5 million ($961.5 million) in the same period of 2021 – up 28.6 per cent YoY, it stated. 

Alba had generated a revenue of BD1.37 billion ($3.66 billion) for the January to September period vs BD1.06 billion ($2.82 billion) last year, thus posting a 29.9 per cent growth.

Alba’s Line 6 project has opened new possibilities for the company

On its Q3 results, the aluminium giant said its profit for the three-month period fell by 62 per cent to hit BD48 million ($127.6 million) compared to BD125.9 million ($335 million) last year, while its basic and diluted earnings per share stood at 34 fils versus 89 fils last year.

Its total comprehensive income for the period stood at BD58.2 million ($154.8 million) versus BD126.4 million ($336.1 million), down 54 per cent YoY.

Alba’s gross profit too witnessed a decline for the three-month period ended September 30, hitting BD79 million ($210.2 million) down 49.8 per cent when compared to BD157.4 million ($418.5 million).

However its Q3 revenue registered solid growth, soaring to BD403.2 million ($1.07 billion) from BD388.9 million ($1.03 billion), recording a 3.7 per cent YoY growth.

Total equity as of September 30, 2022 stood at BD1,78 billion ($4.74 billion), up by 18.7 per cent, versus BD1.5  billion ($3.9 billion) as of December 31, 2021. Alba’s total assets as of September 30 has surged by 4 per cent to hit BD2.72 billion ($7.26 billion) versus BD2.62 billion ($6.98 billion) as of December 31, 2021.

Alba said its top-line were driven by LME prices (down by 11 per cent YoY in Q3 2022 and up by 19 per cent YoY for the 9 months of 2022) despite flat growth in Sales’ volume in both periods while the bottom-line for Q3 and 9 months of 2022 were driven by higher top-line and partially impacted by higher cost and distribution expenses.

On its performance, Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa, said: “It didn’t take us 12 months to hit $1 billion mark in our profit and with this strong performance, we have set a new benchmark amidst the market challenges.”

“We are also committed more than ever to move forward with the Proposed Line 7 Project and invest in expanding Alba’s production capacity to meet future market demand. As we cruise towards closing 2022, we remain optimistic to score new precedents in our operational and financial performance,” he stated.

CEO Ali Al Baqali said: “Alba’s strong foundation, thanks to Line 6 Expansion Project, has allowed us not only to address the challenges but also open new possibilities in terms of doing more for less. With the increased uncertainty and volatility, we remain committed to excel in what we control best: Safety, Production and Cost.”