
Aluminium Bahrain (Alba) has generated profit of BD 5.7 million (US$ 15.3 million) in Q1 2020, up by 136% year-over-year (YoY) from a loss of BD 15.8 million (US$ 42 million) in Q1 2019.
Revenue came in at BD 275.9 million (US$ 733.8 million) in Q1 2020, up by 36% YoY from BD 203.5 million (US$ 541.2 million) in Q1 2019. Alba’s top-line and bottom-line were driven in the first quarter of 2020 by higher metal sales’ volume thanks to Line 6 and impacted by lower LME price.
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The Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa stated:
“As the world is facing unprecedented times with the novel COVID-19 outbreak, we managed to close the first quarter of this year with overall good performance despite depressed LME prices.
As COVID-19 continues to unfold, our priority is and will remain the Safety of our people – employees and contractors.”
The Company reported Basic and Diluted Earnings per Share of fils 4 versus Basic and Diluted Loss per Share of fils 11 for the same period in 2019. The Total Comprehensive Loss stood at BD 1.6 million (US$ 4.3 million), from BD 15.8 million (US$ 42 million) – up by 90% YoY.
Total Assets as of 31 March 2020 topped BD 2,423.9 million (US$ 6,446.5 million), from BD 2,420.2 million (US$ 6,436.8 million) as of 31 December 2019, up by 0.2% YoY.
World Consumption declined by 8% YoY. Aluminium demand collapse in major markets: a drop of 10% YoY in Europe and China, 8% YoY in MENA and 6% YoY in North America.
Alba’s Chief Executive Officer, Ali Al Baqali said: “Thanks to the agility of our supply-chain team and our response strategy to overcome the challenges associated with COVID-19, we have been able to deliver on our commitments towards our clientele across the globe while focusing on our cost-cutting programme ‘Project Titan’ to drive savings. As we ensure the smooth operation of our plant, we have implemented strict Safety measures to protect our workforce as we navigate together through this crisis.”
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