Bahrain's Alba reports $25.9mln profit in 2020, up by 81%

Alba’s top-line was driven in 2020 by higher metal sales’ volume

  
Aerial view of Alba's aluminium smelter in Bahrain

Aerial view of Alba's aluminium smelter in Bahrain

Alba handout via Thomson Reuters Projects

Aluminium Bahrain (Alba), today (February 10) reported a profit of BD9.7 million ($25.9 million) for the full-year of 2020, up by 81% Year-over-Year (YoY), versus a profit of BD5.4 million ($14.3 million) for the full year 2019.
 
For the full-year of 2020, Alba reported basic and diluted earnings per share of fils 7 versus basic and diluted earnings per share of fils 4 in 2019. Alba’s total comprehensive income for the full-year of 2020 was BD1.4 million ($3.9 million), down by 73% YoY, compared to a total comprehensive income of BD5.4 million ($14.3 million) for 2019. Gross profit for 2020 was BD141 million ($375 million) versus BD90.2 million ($239.9 million) in 2019 – up by 56% YoY, a statement said.
 
For the fourth quarter (Q4) of 2020, Alba reported a profit of BD32 million ($85.1 million) up by 132% YoY versus a profit of BD13.8 million ($36.7 million) for the same period in 2019.
 
The company reported basic and diluted earnings per share of fils 23 for Q4 2020 versus basic and diluted earnings per share of fils 10 for the same period in 2019. The total comprehensive income for Q4 2020 stood at BD32.9 million ($87.7 million) versus total comprehensive income for Q4 of 2019 of BD13.8 million ($36.7 million) – up by 138% YoY. Gross profit for Q4 2020 was BD60.1 million ($159.9 million) versus BD44.8 million ($119.1 million) in Q4 2019 – up by 34% YoY.
 
According to a company statement, Alba’s top-line was impacted in Q4 by lower metal sales’ volume and partially offset by higher LME price [up by 9% YoY ($1,918/t in Q4 2020 versus $1,754/t in Q4 2019)] while the bottom-line was driven by higher LME prices and partially impacted by higher depreciation, financial charges and foreign exchange losses.
 
Alba’s top-line was driven in 2020 by higher metal sales’ volume (14% YoY) and partially offset by lower LME price [down by 5% YoY ($1,702/t in 2020 versus US$1,792/t in 2019)] while the bottom-line was driven by higher top-line and partially impacted by higher depreciation, financial charges and foreign exchange losses.
 
Adding further, Alba’s Chief Executive Officer, Ali Al Baqali said: “As I complete my first year as a full-time CEO, I am proud to say that our biggest achievement in 2020 was keeping our people safe – this is our number one priority.
 
"Despite all odds, we have forged ahead in 2020 and kept our cost lean by exceeding Project Titan - Phase IV Savings’ Target [of $100 million] by achieving additional $45 million savings – this was only made possible thanks to our nimble workforce.
 
"As we progress into 2021, we remain committed to Emerge Stronger as we advance towards Safety Excellence, capitalise on the lessons learnt in the pandemic year to meet AL HASSALAH objectives as well as have a Forward-Focus in respect to our ESG initiatives,” he said.
 
With regards to the revenue from contracts with customers in Q4 2020, Alba generated BD278.8 million ($741.5 million) versus BD293.7 million ($781 million) in Q4 2019 - down by 5% YoY. For the Full-Year of 2020, Revenue from Contracts with Customers reached BD1,061.4 million ($2,822.9 million), up by 3% YoY, compared to BD1,029.4 million ($2,737.8 million) for 2019.
 
Total Equity as at 31 December 2020 stood at BD1,079.5 million ($2,871.1 million), up by 0.09% YoY, versus BD1,078.6 million ($2,868.5 million) as at 31 December 2019. Alba’s Total Assets as at 31 December 2020 were BD2,353.7 million ($6,259.8 million) versus BD2,408.2 million ($6,404.8 million) as at 31 December 2019 - down by 2%.
 
Alba Management will hold a conference call on Monday 15 February 2021 to discuss Alba's financial and operational performance for 2020 as well as outline the company's priorities for 2021. --TradeArabia News Service

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