Alba’s revenue increases 10% YoY in Q1; Production reaches 381,933 tonnes

Aluminium Bahrain announced a Profit of BD52.2 million (US$138.8 million) for the first quarter of 2021, up by 807% from BD5.8 million (US$15.3 million) for the same period in 2020. Revenue in Q1 2021 stood at BD302.7 million (US$805.1 million), from BD275.9 million (US$733.8 million) in Q1 2020. That was up by 10% YoY.

Income came in at BD58.4 million (US$155.4 million) from loss of BD1.6 million (US$4.3 million), marking a growth of 3,539% YoY. Gross Profit was BD80.5 million (US$214 million) in Q1, an increase of 140% YoY.

“Alba’s top-line were driven in the first quarter of 2021 by higher LME prices (+24% YoY) and partially offset by lower Sales’ volume (a drop of 6% YoY) while the bottom-line was driven by higher top-line and partially impacted by higher depreciation as well as higher General and Selling Expenses.”

Alba’s Total Assets as at 31 March 2021 were BD2,435.5 million (US$6,477.4 million).

In Q1, the company’s sales volume topped 355,450 tonnes, down by 6% YoY while Production reached 381,933 tonnes, down by 2% YoY. Value Added Sales averaged 62% of the total shipments.

Alba’s 2021 priorities is to meet production target of 1,540,000 tonnes & Deliver on AL HASSALAH Savings’ Target of US$70 Million by 2021-end.

Alba’s Chief Executive Officer, Ali Al Baqali said: “If we do what we’ve always done, we will end-up with what we’ve always gotten.

We had to think differently, thanks to this pandemic, to advance our performance as a Company on the operational and financial profitability fronts. It’s thanks to our agile workforce that we have been able to bounce-back and start 2021 strong. We also take pride in our Safety achievement as we topped collectively more than 10 million safe-working hours without LTI.

I am optimistic about our business and confident that our performance will exceed our ambitious objectives – Safety Excellence, higher productivity, lean operations as we move forward in 2021.”