Manama: Aluminium Bahrain B.S.C. (Alba), the world’s largest aluminium smelter w/o China, has reported a profit of BD92.6 million (US$246.2 million) for the second quarter of 2021, up by 665% Year-over-Year (YoY), versus a loss of BD16.4 million (US$43.6 million) for the same period in 2020.
The Company reported Basic and Diluted Earnings per Share of fils 65 for Q2 2021 versus Basic and Diluted Loss per Share of fils 12 for the same period in 2020. The Total Comprehensive Income for Q2 2021 stood at BD90.6 million (US$241.1 million) versus Total Comprehensive Loss for the second quarter of 2020 of BD18.2 million (US$48.4 million) – up by 598% YoY. Gross Profit for Q2 2021 was BD123.7 million (US$328.9 million) versus BD21.6 million (US$57.6 million) for the same period in 2020 – up by 471% YoY. With regards to the Revenue in Q2 2021, Alba generated BD370 million (US$984 million) versus BD244 million (US$649.1 million) in Q2 2020 – up by 52% YoY.
For the First Half of 2021, Alba has reported a Profit of BD144.8 million (US$385 million), up by 1,461% YoY versus a Loss of BD10.6 million (US$28.3 million) for the same period in 2020. The Company reported Basic and Diluted Earnings per Share of fils 102 for first half of 2021versus Basic and Diluted Loss per Share of fils 8 for the same period in 2020. Alba’s Total Comprehensive Income for H1 2021 was BD149.1 million (US$396.5 million), up by 852% YoY, compared to a Total Comprehensive Loss of BD19.8 million (US$52.7 million) in H1 2020. Gross Profit for the First Half of 2021 was BD204.2 million (US$543 million) versus BD55.2 million (US$146.8 million) in H1 2020 – up by 270% YoY. Alba generated in H1 2021 Revenue of BD672.7 million (US$1,789 million) versus BD520 million (US$1,383 million) in H1 2020 – up by 29% YoY.
Total Equity as at 30 June 2021 stood at BD1,230.1 million (US$3,271.4 million), up by 14%, versus BD1,079.6 million (US$2,871.1 million) as at 31 December 2020. Alba’s Total Assets as at 30 June 2021 were BD2,496.1 million (US$6,638.6 million) versus BD2,353.7 million (US$6,259.8 million) as at 31 December 2020 – up by 6%.
Alba’s top-line were driven in by higher LME prices (61% YoY in Q2 2021 and 41% YoY in H1 2021) and partially offset by lower Sales’ volume (a drop of 1% YoY in Q2 2021 and 3% YoY in H1 2021) while the bottom-line for Q2 and H1 2021 was driven by higher top-line and partially impacted by higher Selling and Distribution Expenses.
“We continued with the strong momentum we’ve started in the first quarter of 2021, and this has led us to set all-time records in our performance,” the Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said while commenting on Alba’s financial performance for the first half of 2021.
“We have achieved highest-ever production of 773,887 metric tonnes while Value Added Sales reached new heights with 472,323 metric tonnes (translating into 64% of our Sales). These new precedents were made possible thanks to Line 6 Expansion Project; EBITDA margin has beaten the record we have achieved in Q1 2021 and set a new benchmark with 33% (versus 29.8% in Q1 2021); Our Profit topped new peak for the first 6-months of 2021 with US$385 million, up by 1,461% YoY; and our business performance is directly correlated to our Safety mindset as we truly believe that productivity and Safety are mutually inclusive. Today, we have achieved more than 14 million safe-working hours without LTI.”
“Despite the COVID-19 challenge and global logistics’ issue, Alba has set new benchmarks in its 5 decades of commercial operations: higher production, higher EBITDA and higher Net Profit ever achieved in 6-months period. This unparalleled operational and financial performance is defined by our strong results rather than our attributes. Our results speak louder than words and this strong comeback on all fronts would not have been made possible without the resilience of our workforce and for ‘Thinking First, Safety Always,” Alba’s Chief Executive Officer, Ali Al Baqali, added.
