Aluminium Bahrain (Alba), the world’s largest aluminium smelter on one site, has reported a profit attributable to equity holders of BD75.3 million ($200.3 million) for the first quarter of 2026, up 316% year-over-year (YoY), versus BD18.1 million ($48.2 million) for the same period in 2025.
The company reported Basic and Diluted Earnings Per Share of fils 53 for Q1 2026 versus fils 13 for the same period in 2025. Total Comprehensive Income attributable to equity holders for Q1 2026 stood at BD76.1 million versus BD16.8 million for the same period in 2025 – up by 353% YoY.
Total equity attributable to owners of Aluminium Bahrain as of March 31, 2026 stood at BD2,098.7 million, up by 1%, versus BD2,084.6 million, as of December 31, 2025. Alba’s Total Assets as of March 31, 2026 were BD2,807.6 million versus BD2,623.3 million as of December 31, 2025 – up by 7%.
Q1 2026 operational highlights
* Sales volume reached 312,563 MT (-17% YoY) reflecting the impact of regional disruptions affecting shipping routes, including constraints through the Strait of Hormuz.
 * Net Finished Production totalled 339,734 MT (-14% YoY) driven by the controlled & safe shutdown of Lines 1-3 in response to prevailing regional tensions.
 * Value Added Products (VAP) accounted for 71% of total shipments, with volumes of 222,626 MT (-16%YoY), reflecting the broader impact on overall shipment activity.
 * Natural gas price is $4.5/MMBTU, effective from January 1, 2026 until December 31, 2026.
Macro & market fundamentals
* Global economy showed positive momentum in Q1 2026, supported by accelerating US manufacturing activity and strong Chinese industrial production and exports.
* Middle East conflict has introduced increased uncertainty, particularly impacting supply chains and market visibility.
* Demand remained broadly stable at +0.5% YoY, supported by the packaging, automotive, and electrical sectors.
 * Supply increased by 2% YoY, although this was constrained by structural capacity limits in China. Middle East production declined by c.3% YoY, primarily due to conflict-related curtailments.
 * Market Balance: Global aluminium markets continue to rely on Chinese supply dynamics, with China’s production growth lagging consumption (at 45 million MT capacity cap). As a result, the market presents a surplus of +592 kMT including China, while ex China markets remain in deficit at -135 kMT.
Aluminium market prices
 * LME prices averaged $3,195/t in Q1 2026, representing a 22% YoY increase, driven by supply disruptions.
 * Regional premiums, including the US Midwest and DDP Rotterdam, increased significantly due to concerns over supply disruptions. The MJP strengthened, supported by the diversion of metal away from Asia toward higher-premium regions.
 * LME inventories dropped to 418,000 MT, down 9% YoY, reflecting precautionary withdrawals and high cancelled warrants.
Update on Aluminium Dunkerque
Alba has entered into an exclusive agreement with American Industrial Partners for the potential acquisition of Aluminium Dunkerque. Following receipt of relevant works council approvals, the Share Purchase Agreement was signed on May 6. The transaction closing remains subject to regulatory approvals.
Update on Operational Status
In response to prevailing raw material availability conditions, Alba implemented disciplined production curtailment measures across its operations to optimise alumina utilisation, preserve smelter stability, and maintain overall system integrity.
The company continues to closely monitor inventory levels and key operating parameters, with a focus on maintaining safe, efficient, and reliable operations while preserving operational flexibility, it said.
In parallel, Alba is safeguarding operational continuity through diversified sourcing strategies and flexible logistics solutions, including the utilisation of multiple regional ports and multimodal transport routes for both imports and exports.
Alba’s Board of Directors Chairman Khalid Al Rumaihi stated: “Alba delivered a strong set of results in the first quarter, with Profit attributable to Equity holders increasing to BD75.3 million, reflecting disciplined execution and the inherent strength of the business. Despite lower volumes, our portfolio remained resilient, with Value-Added Products accounting for 71% of shipments - a clear demonstration of our focus on value over volume.
"We remain focused on the disciplined execution of our long-term strategic priorities. These include our recently announced agreement to acquire Aluminium Dunkerque, which will further expand Alba’s international footprint, building on its strong industrial foundation in Bahrain, while strengthening our global low-carbon aluminium platform.”
Alba’s Chief Executive Officer Ali Al Baqali added: “Alba’s first-quarter performance underscores the resilience and flexibility of our operating model in a challenging external environment. While Net Finished Production and Sales Volumes dropped by 14% and 17% respectively, these movements were driven by constraints across key regional shipping corridors.
"Our focus remains firmly on the safety of our people, maintaining operational efficiency, disciplined cost control, and reliable delivery while actively managing through external developments.” -TradeArabia News Service
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