Alba reports 81% YoY increase in profit in 2020

Aluminium Bahrain (Alba) reported a Profit of BD32 million (US$85.1 million) in Q4 2020, up by 132% Year-over-Year (YoY). The Total Comprehensive Income came in at BD32.9 million (US$87.7 million), a jump of 138% YoY. Gross Profit increased to stand at BD60.1 million (US$159.9 million).

Revenue from Contracts with Customers stood at BD278.8 million (US$741.5 million), down by 5% YoY in Q4.

In 2020, Profit was BD9.7 million (US$25.9 million), up by 81% YoY. The company’s total Comprehensive Income was BD1.4 million (US$3.9 million), down by 73% YoY. Gross Profit rose 56% YoY to BD141 million (US$375 million). Revenue from Contracts with Customers was BD1,061.4 million (US$2,822.9 million), up by 3% YoY.

“Alba’s top-line was driven in 2020 by higher metal Sales’ volume (14% YoY) and partially offset by lower LME price [down by 5% Year-over-Year (US$1,702/t in 2020 versus US$1,792/t in 2019)] while the bottom-line was driven by higher top-line and partially impacted by higher depreciation, financial charges and foreign exchange losses,” Alba said.

Alba’s Chief Executive Officer, Ali Al Baqali said: “As I complete my first year as a full-time CEO, I am proud to say that our biggest achievement in 2020 was keeping our People safe – this is our number one priority.

Despite all odds, we have forged ahead in 2020 and kept our cost lean by exceeding Project Titan - Phase IV Savings’ Target [of US$100 million] by achieving additional US$45 million savings – this was only made possible thanks to our nimble workforce.

As we progress into 2021, we remain committed to Emerge Stronger as we advance towards Safety Excellence, capitalise on the lessons learnt in the pandemic year to meet AL HASSALAH objectives as well as have a Forward-Focus in respect to our ESG initiatives.”

Alba Management will hold a conference call on Monday 15 February 2021 to discuss Alba's financial and operational performance for 2020 as well as outline the Company's priorities for 2021.”