Alba announces stellar performance for 3Q2021 - Profit improves to BD125.9 million as revenue grows 48%

Aluminium Bahrain B.S.C. (Alba), the world’s largest aluminium smelter ex-China, has announced the third quarter and nine months report of 2021, wherein it has mentioned a profit of BD125.9 million (US$335 million) for Q3 2021, versus a Loss of BD11.6 million (US$30.9 million) for the same period in 2020. The total comprehensive income stood at BD126.4 million (US$336.1 million) in Q3 as against BD11.7 million (US$31.1 million) a year ago. With regards to revenue, it increased by 48 per cent year-on-year from BD262.7 million (US$698.6 million) to BD388.9 million (US$1,034.2 million) in 3Q2021.

In nine months, Alba earned a profit of BD270.7 million (US$720 million), up by 1,320 per cent YoY, versus a Loss of BD22.2 million (US$59.1 million) for the same period in 2020. Comprehensive income totalled BD275.5 million (US$732.7 million), 974 per cent higher than comprehensive loss of BD31.5 million (US$83.8 million) in the same period of 2020. Gross profit rose 347 per cent year-on-year from BD80.9 million (US$215.1 million) to BD361.5 million (US$961.5 million), while revenue grew 36 per cent from BD782.6 million (US$2,081.5 million) to BD1,061.5 million (US$2,823.2 million).

Alba’s strong financial report of Q3 and nine months of 2021 was primarily due to the demand recovery for aluminium across the world and LME price hit to 10-year high. Alba’s aluminium production grew 2 per cent on the year to 392,959 tonnes in Q3 2021, but sales volume decreased 7 per cent to 366,151 tonnes for the same period. Value-Added Sales averaged 58 per cent of the total shipments.

Commenting on Alba’s stellar financial performance for the nine months of 2021, the Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa stated: “Thanks to new-all-time high LME prices in recent months coupled with Alba’s production efficiencies and economies of scale, we continued to set benchmarks and reach new all-time records in our performance.”

He added, “I take the opportunity to thank the Management team as well as Alba’s labor and employees for going above and beyond to score another strong set of results despite the logistics’ challenges we are facing and look forward to close 2021 stronger with new precedents on all fronts – financial and operational.”

Alba’s Chief Executive Officer, Ali Al Baqali, said: “Alba today joins the US$700 million club for the first time in its history with its Profits topping US$720 million for the nine months of 2021. We have reached this all-time record in our profits thanks to the resilience we have gained from Line 6 Expansion Project. As we accelerate our transformation with a new sense of ESG urgency, we at Alba are open to new possibilities ahead to achieve a sustainable growth. I am also pleased to report that since the beginning of October, we didn’t have any COVID-19 infection in our c. 3,200 workforce and no employee was quarantined till-date.”