Aluminium Bahrain (Alba), the world’s largest aluminium smelter ex-China, has reported a loss of BD10.6 million ($28.3 million) for the first half of 2020, down by 44 per cent year-on-year (YoY) versus a loss of BD19.1 million ($50.9 million) for the same period in 2019.

For the first half of 2020, Alba reported basic and diluted loss per share of fils 8 versus basic and diluted loss per share of fils 14 for the same period in 2019. Alba’s total comprehensive loss for H1 2020 was BD19.8 million ($52.7 million), up by 4 per cent YoY, compared to a total comprehensive loss of BD19.1million ($50.9 million) in H1 2019. Gross profit for the first half of 2020 was BD55.2 million ($146.8 million) versus BD16.2 million ($43.2 million) in H1 2019 – up by 241 per cent YoY. 

The company reported a loss of BD16.4 million ($43.6 million) for the second quarter of 2020, an increase of 392 per cent year-over-year (YoY) versus a loss of BD3.3 million ($8.9 million) for the same period in 2019.

Al Baqali: keeping safe a choice

The company reported basic and diluted loss per share of fils 12 versus basic and diluted loss per share of fils 2 for the same period in 2019.

The total comprehensive loss for Q2 2020 stood at BD18.2 million ($48.4 million) compared to BD3.3 million ($8.9 million) during the same period in 2019. Gross profit for the second quarter of 2020 was BD21.6 million ($57.6 million) versus BD15.4 million ($40.9 million) in Q2 2019 – up by 41 per cent YoY.

Total equity as at 30 June 2020 stood at BD1,057.1 million ($ 2,811.5 million), down by 2 per cent, versus BD1,078.6 million ($2,868.6 million) as at 31 December 2019. Alba’s total assets as at 30 June 2020 topped BD2,380.7 million ($6,331.7 million) versus BD2,420.2 million ($6,436.8 million) as at 31 December 2019 - down by 2 per cent.

With regards to the revenue from contracts with customers in the second quarter of 2020, Alba generated BD244 million ($649 million) versus BD245 million ($651.8 million) in Q2 2019 - down by 0.4 per cent YoY. For the First Half of 2020, total revenue from contracts with customers reached BD519.9 million ($1,382.9 million), up by 16 per cent YoY, compared to BD448.6 million ($1,193 million) for the same period in 2019.

Alba’s top-line was driven in the second quarter of 2020 by higher metal sales volume thanks to Line 6 and impacted by lower LME price, which was down by 17 per cent year-over-year ($1,494/t in Q2 2020 versus $1,793/t in Q2 2019), while the bottom-line was impacted by higher depreciation and financial charges.

Alba board Chairman Shaikh Daij Bin Salman Bin Daij Al Khalifa stated: “As Covid-19 unfolds, we continue to focus on adapting to the new life norm and keeping our people safe as we navigate together through this crisis. Despite the challenging market conditions, we are unlocking our strength as we aim to close 2020 by meeting our production target of 1,540,000 metric tonnes.”

Alba Chief Executive Officer Ali Al Baqali said: “Today, the world is going through radical transformation and the Aluminium industry is not an exception. Despite the odds, we have been able to maintain a stable performance by delivering on our commitments.

“In the face of this crisis, we choose to get better by capitalising on our Safety culture and operational resilience which has led us to achieve more than 24 million safe working-hours without LTI as of to-date.”