If 2025 were to be summed up in one word for Alba, the world’s largest aluminium smelter, it would be momentum - a year that started steadily and closed with record-breaking confidence. By the final quarter, the numbers were no longer just improving; they were making history. Across 2025, Alba delivered a net profit of BD 218.7 million (USD 581.6 million), an 18.5 per cent increase over BD 184.5 million (USD 490.8 million) in 2024. Total comprehensive income reached BD 213.2 million (USD 567 million), up 16.2 per cent year-on-year - a reflection of strengthening fundamentals as the year progressed.

The year’s defining moment came in Q4, when profit surged to BD 108.7 million (USD 289.2 million), up 193.4 per cent from BD  37.1 million (USD 98.6 million) in Q4 2024. Total comprehensive income for the quarter rose 181 per cent to BD 107 million (USD 284.7 million). The result marked Alba’s highest quarterly profit on record - a milestone that enabled accelerated loan servicing and supported a recommendation for a higher final dividend.

The quarter-on-quarter climb

The annual numbers were not built in a single quarter - they gathered strength gradually. Profit stood at BD18.1 million (USD 48.2 million) in Q1 before rising to BD24.6 million (USD 65.3 million) in Q2, marking a 35.9 per cent quarter-on-quarter increase.

Momentum accelerated sharply in Q3, when profit climbed to BD 67.3 million (USD 179 million) - a 173.6 per cent increase over Q2. The upward trend continued into Q4, with earnings reaching BD108.7 million (US$289.2 million), reflecting a further 61.5 per cent quarter-on-quarter rise.

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Total comprehensive income traced the same upward arc: BD 16.8 million (USD 44.7 million) in Q1, BD 21.9 million (USD 58.1 million) in Q2, BD 67.5 million in Q3 (USD 179.4 million and BD 107 million (USD 284.7 million), in Q4. The second half of the year clearly carried the weight of the annual performance.

Commenting on the Company’s performance for the fourth quarter of 2025, the Chairman of Alba’s Board of Directors, Khalid Al Rumaihi stated, “The highest quarterly profit in Alba’s history, achieved in Q4 2025, reflects our strong dedication to performance and value creation. With strong LME prices and disciplined operational delivery, we’ve set a new profitability record that speaks to our resilience and strategic clarity.

This exceptional outcome has enabled us not only to accelerate the servicing of our outstanding loans but also to confidently recommend a higher final dividend tranche for our shareholders.”

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Market conditions and what worked in 2025

Several broad market forces supported Alba’s performance. The average London Metal Exchange (LME) aluminium price stood at USD 2,630 per tonne in 2025, up 9 per cent from 2024. Since Alba’s contracts are largely linked to LME benchmarks, stronger prices translated directly into higher realised revenue per tonne - lifting profitability without the need for major volume expansion.

US tariffs added another layer of complexity. They pushed domestic aluminium prices higher and tightened supply, but led to only limited short-term increases in domestic production. While pricing strengthened, downstream margins came under pressure.

Amid this, the global demand remained resilient, rising by around 2 per cent year-on-year, backed by packaging, automotive and electrical sectors. On the supply side, global output also grew by about 2 per cent, constrained by structural capacity limits in China and slower recovery elsewhere.

Operational highlights

Through shifting market currents, Alba’s operations remained steady. Net finished production reached 16 million tonnes, up 0.05 per cent year-on-year. Sales volumes stood at 1.6 million tonnes, rising 0.11 per cent. Value added products continued to define the company’s strategy, accounting for 74 per cent of shipments, two percentage points higher than in 2024. VAP volumes increased 3.3 per cent to 1,195,788 tonnes, supported by rolling slabs, billets and the low-carbon EternAl™ portfolio - reinforcing Alba’s focus on higher-margin segments.

Efficiency initiatives further strengthened performance. The e-Al Hassalah programme exceeded its USD 60 million savings target, delivering USD 67.32 million through Lean Six Sigma and AI-driven optimisation of potline efficiency and energy use. The company is now targeting USD 150 million in cumulative savings by 2026.

Also read: Alba hits 2025 production target with record output despite operational disruption

Looking ahead to 2026

Alba’s strategic moves during 2025 reflected a longer-term vision. The company expanded its partnership with Array Innovation to include AI-based data modelling across pot lines, enhancing safety and operational efficiency in line with Bahrain Vision 2030.

In November 2025, Alba signed a tripartite MoU with Shandong Innovation Group and BlueFive Capital, unlocking more than USD 150 million in investments across renewables, alloys and supply chains - linking Bahraini scale with Chinese manufacturing expertise and UAE capital.

Also, Alba aims to surpass its 2025 production record and exceed the USD 150 million e-Al Hassalah savings milestone by 2026. Sustainability remains central to its direction, aligned with Bahrain’s 2060 Net-Zero Vision. The company continues to leverage ASI and EcoVadis certifications, alongside its low-carbon EternAl™ portfolio, to access new markets and expand value-added sales.

Construction of Alba Daiki Sustainable Solutions for aluminium dross processing is scheduled for completion by September 2026. Meanwhile, Class 3 and Bankable Feasibility Studies for the proposed New Replacement Line (NRL) are advancing - laying the groundwork for the next chapter of growth.

In many ways, 2025 was not just about stronger numbers. It was about proving that disciplined execution, pricing strength and strategic clarity can converge - and when they do, momentum follows.

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