Alba declares its Q4 2019 and Full-Year 2019 financial performance

Aluminium Bahrain B.S.C. (Alba) published its Full-Year and Fourth Quarter 2019 Results during a meeting of the Company’s Board of Directors on Thursday 13th February’20. Also, Alba’s Board of Directors approved the appointment of Mr Ali Al Baqali as the Chief Executive Officer with immediate effect.

Commenting on Alba’s 2019 financial performance, the Chairman of Alba’s Board of Directors, 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 as the realm of Alba in this next chapter of growth, our Company is better positioned for further success.”

Aluminium Bahrain B.S.C. (Alba), the world’s largest aluminium smelter ex-China, has declared a profit and total comprehensive income of BD13.82 million (US$36.76 million) for the fourth quarter of 2019 versus a loss and total comprehensive loss of BD17.54 million (US$46.65 million) for the same quarter of 2018, an increase of 179% YoY.

The Company announced a gross profit of BD44.77 million (US$119.08 million) for the fourth quarter of 2019 versus a gross loss of BD8.37 million (US$22.26 million) for the same quarter of 2018, an increase of 635% YoY. With regards to the revenue from contracts and customers, Alba reported BD293.67 million (US$781.05 million) in Q4 2019, versus BD211.52 million (US$ 562.56 million) in Q4 2018, up by 39% YoY.  The company reported basic and diluted earnings per share in this quarter fils 10 versus a diluted loss per share of fils 13 in Q4 2018. (10 fils=0.01BD)

During the Full-Year of 2019, Alba generated a profit and total comprehensive income of BD5.38 million (US$14.31 million), down by 91% YoY, versus BD59.76 million (US$158.92 million) in 2018. The Company reported a gross profit of BD90.22 million (US$239.95 million) versus BD 84.99 million (US$226.04 million) up by 6% YoY. The revenue from contracts and customers reached BD1029.38 million (US$2,737.7 million) in 2019, up by 13% YoY, compared to BD911.3 million (US$2,423.7 million) in 2018. Basic and diluted earnings per share were fils 4 for 2019, versus fils 42 for 2018.

The company’s overall financial performance was driven by higher metal sales’ volume and especially due to Line 6 ramp-up and was partially offset by lower LME prices (down by 15% YoY).

Alba’s Board of Directors has offered to pay a final dividend of BD0.001 per share (excluding the treasury shares) totalling BD 1,412 thousand (US$3,755 thousand) to 2019 and subject to the shareholders’ approval on the AGM on Sunday 08th March’20.

As at 31st December’19, Alba’s total assets stood at BD2420.25 million (US$6,436.84 million), versus BD2208.89 million (US$5,874.71 million) as at 31st December’18, up by 10% YoY. Total Shareholders’ Equity as at 31st December ‘19 stood at BD1078.57 million (US$ 2,868.54 million), versus BD1073.47 million (US$2,854.97 million) as at 31st December 2018.

Alba closed 2019 with more than 15 million working-hours w/o LTI for the first time in the history of Alba’s commercial operations.  Alba’s sales volume reached 1,350,326 tonnes up by 33% YoY. The company’s production topped 1,365,005 MT up by 35% YoY.

Alba successfully refinanced US$1.5 billion syndicated loan facility with lower interest margin. It signed to regain as the technology partner for its Spent Pot Lining (SPL) Treatment Plant - the first of its kind in GCC [capacity to treat 30k-35k metric tonne/year].

Alba’s Chief Executive Officer, Ali 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 working 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.”

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