Aluminium Bahrain (Alba), the world’s leading aluminium smelter, has reported a profit of BD37.1 million ($98.6 million) for the fourth quarter of 2024, up by 58.5% YoY versus a profit of BD23.4 million ($62.2 million) for the same period in 2023. 

 

The company reported basic and diluted earnings per share of fils 26 for Q4 2024 versus fils 16 for the same period in 2023. The total comprehensive income for Q4 2024 stood at BD38.1 million versus BD16.3 million for Q4 of 2023 – up by 134.4% YoY. 

 

For the full-year of 2024, Alba reported a profit of BD184.5 million ($490.8 million), up by 56.4% YoY, versus a profit of BD118 million ($313.9 million) for 2023. 

 

Alba reported basic and diluted earnings per share of fils 130 versus fils 83 in 2023. Alba’s total comprehensive income for 2024 was BD183.4 million, up by 71.9% YoY, compared to BD106.7 million for 2023.

 

Total equity as of December 31, 2024 stood at BD1,923.9 million, up by 7.5% YoY, versus BD1,789.2 million as of 31 December 2023. Alba’s total assets as of December 31, 2024 were BD2,673.4 million ($7,110 million) versus BD2,553.6 million ($6,791.4 million) as of December 31, 2023 – up by 4.7%.

 

Alba’s top-line and bottom-line were driven by higher LME prices and partially offset by higher alumina prices. LME price increased by 17% YoY in Q4 2024 and 7% in FY 2024. 

 

The Board of Directors of Alba resolved during the board meeting on Tuesday (February 18) to recommend the distribution of cash dividend to the shareholders whose names are registered on the company’s register on the Record Date. The final cash dividend is 26.58% of the share nominal value, equivalent to fils 26.58 per share amounting to BD37,633,403.

 

Alba’s Operational Highlights

 Sales’ Volume: Increased to 1,611,638 MT (+1% YoY) despite market challenges. 

 Net Finished Production: Closed 2024 with an all-time record of 1,622,261 MT (+0.1% YoY).

 Value Added Sales: Averaged 72% of the total shipments (up from 68% in 2023). VAP Sales’ volume increased to 1,157,328 MT (+5.6% YoY).

 e-Al Hassalah: Achieved savings in the Company’s cost improvement programme of $59.57 million against 2024 target of $60 million.

 

Commenting on the company’s performance for the full year of 2024, Alba’s Board of Directors Chairman Khalid Al Rumaihi stated: “Alba’s exceptional financial performance in 2024, with a 56% year-over-year profit increase, demonstrates our operational resilience and adaptability despite fluctuating market dynamics and higher alumina costs. The significant growth in our earnings per share reflects our strategic focus on operational excellence and shareholder value creation.”

 

He said: “Today, we celebrate more than just the completion of a power plant, but a step towards powering a more sustainable future for Bahrain. This project represents a leap forward in our commitment to ‘Net Zero by 2060’, setting the benchmark for responsible industrial development in the region.” 

 

Alba’s Chief Executive Officer Ali Al Baqali, added: “I’m incredibly proud of our team for going above and beyond during a challenging year for the aluminium industry. Our collective efforts on cost management and operational optimisation delivered strong results, driven entirely by our talented local workforce. 

 

“This success is underpinned by our unwavering commitment to safety, which has resulted to-date in over 31 million safe working hours without LTI.”  -TradeArabia News Service