The world’s largest aluminium smelter outside of China, Aluminium Bahrain (Alba), reported a profit and total comprehensive income of BD13.82 million ($36.76 million) for the fourth quarter of 2019 versus a loss and total comprehensive loss of BD17.54 million ($46.65 million) for the same quarter of 2018, an increase of 179 per cent year-over-year (YoY).

The company reported a gross profit of BD44.77 million ($119.08 million) for the fourth quarter of 2019 versus a gross loss of BD8.37 million ($22.26 million) for the same quarter of 2018, an increase of 635 per cent YoY.

Al Baqali: at the helm of Alba

With regards to the revenue from contracts and customers, Alba reported BD293.67 million ($781.05 million) in Q4 2019, versus BD211.52 million ($562.56 million) in Q4 2018, up by 39 per cent YoY.  The company reported basic and diluted earnings per share in this quarter of 10 fils versus a diluted loss per share of 13 fils in Q4 2018.

For the full year of 2019, Alba generated a profit and total comprehensive income of BD5.38 million ($14.31 million), down by 91 per cent YoY, versus BD59.76 million ($158.92 million) in 2018. The company reported a gross profit of BD90.22 million ($239.95 million) versus BD84.99 million ($226.04 million) up by 6 per cent YoY.

The revenue from contracts and customers reached BD1,029.38 million ($2,737.7 million) in 2019, up by 13 per cent YoY, compared to BD911.3 million ($2,423.7 million) in 2018. Basic and diluted earnings per share were 4 fils for 2019, versus 42 fils for 2018.

Overall, the company’s financial performance was driven by higher metal sales’ volume thanks to Line 6 ramp-up and was partially offset by lower LME prices (down by 15 per cent YoY).

Meanwhile, Alba’s Board of Directors also approved the appointment of Ali Al Baqali as the chief executive officer of the company.

Alba Chairman Shaikh Daij Bin Salman Bin Daij Al Khalifa said: “It is encouraging to see that Alba has closed 2019 strong despite a challenging year for the industry. 2019 was a great year as we have recorded many firsts in Alba’s history: breakthrough record in Safety, Production and Sales’ volume thanks to our people. With Mr Al Baqali at the helm of Alba in this next chapter of growth, our company is better positioned for further success.”

Al Baqali said: “Despite a weak market sentiment, we have made 2019 an exceptional year by focusing on what we control best at all times: safety, production and cost. It is an honour and privilege to serve Alba as the chief executive officer and I look forward to work together with Alba’s Board of Directors as we go beyond Line 6. I also want to thank all Alba employees and contractors for a great 2019 and look forward to more accomplishments.”

Alba board of directors reveal financial resuts for 2019

Al Baqali has been part of the Alba family for more than two decades and brings years of leadership and honed experience from within the company.

As a Bahraini who grew from within Alba, Al Baqali believes that Alba’s growth and success depend heavily on the company’s entrenched principles on Safety, Development of Human Capital, Social and Civic Responsibility as well as Community Development.

He is a professional member of the Chartered Institute of Purchasing & Supply (CIPS), UK; Board member of the International Aluminum Institute (IAI), INJAZ, Saint Christopher’s School and Tenmou, the first Bahraini Business Angels Company.

Al Baqali holds a B.Sc. degree in Accounting from the University of Bahrain and an MBA from the French Arabian Business School – ESSEC.