Latest news with #KhalidAlRumaihi
Daily Tribune
14-05-2025
- Business
- Daily Tribune
Aluminium Bahrain announces Q1 profit
Aluminium Bahrain (Alba), the world's largest aluminium smelter on one site, has reported a Profit of BD18.1 million (US$48.2 m) for the first quarter of 2025, a drop of 25.9% Year-over-Year (YoY), versus a Profit of BD24.5 m (US$65 m) for the same period in 2024. Earnings Per Share was fils 13 for Q1 2025 compared to fils 17 for the same period in 2024. Total Comprehensive Income stood at B D1 6 . 8 m (US$44.7 m) versus BD27.7 m (US$73.6 m) for the same period in 2024 – a drop of 39.4% YoY. Gross Profit was BD50.8 m (US$135.1 m) versus BD 57.3 m (US$152.3 m) for the same period in 2024 - down by 11.3% YoY. With regards to the Revenue from contracts with customers, Alba generated BD408.9 m (US$1,087.6 m) versus BD334.6 m (US$889.8 m) in Q1 2024 – up by 22.2% YoY. Total Equity as of 31 March 2025 stood at BD1,902.7 m (US$5,060.4 m), down by 1.1%, versus BD1,923.9 m (US$5,116.9 m), as of 31 December 2024. Alba's Total Assets as of 31 March 2025 were BD2,706.9 m (US$7,199.2 m) versus BD2,673.4 m (US$7,110 m) as of 31 December 2024 – up by 1.25%. Higher LME Price (+20% YoY) and higher premiums (+38% YoY) drove strong topline performance, increased production costs significantly compressed EBITDA resulting in lower bottom-line. Commenting on the Company's performance for the first quarter of 2025, the Chairman of Alba's Board of Directors, Khalid Al Rumaihi stated: 'Alba's Q1 2025 results underscore the fundamental strength and operational efficiency of our business. While our reported Profit reflects the significant impact of higher alumina prices, it's important to recognise that had these prices remained at previous levels, Alba would have undoubtedly achieved an unparalleled financial performance, demonstrating our inherent earnings potential.' Alba's Chief Executive Officer, Ali Al Baqali, added: 'Despite the prevailing global geopolitical tensions, Q1 2025 was a landmark period for Alba marked by many firsts: we recorded the highest sales volume, achieved a record Value Added Sales percentage and most importantly, delivered our best safety performance ever in the Company's history. These firsts are a direct result of the commitment and operational excellence exhibited by the entire Alba team.' Alba Management will hold a conference call today at 4PM Bahrain Time to discuss the Company's financial and operational performance for Q1 2025 and outline its strategic priorities moving forward.
Zawya
13-03-2025
- Business
- Zawya
Alba holds its Annual and Extraordinary General Meetings for 2025
Manama, Bahrain – Aluminium Bahrain B.S.C. (Alba), the world's largest smelter on one site, held its 15th Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) on 12 March 2025 at Al Manama Ballroom at the Four Seasons Hotel, Bahrain Bay. The meeting was led by the Chairman of the Board Khalid Al Rumaihi with attendance from the Board members, Company's Executive Management, Alba shareholders, and representatives from regulatory bodies. During the AGM meeting, the shareholders approved the appointment of Mrs. Rasha Sabkar as an expert Board member; in addition to ratifying the appointment of Mr. Khaled Rowais and Mr. Ahmed Al Shaikh as Board members. Moreover, minutes of the previous Annual General Meeting held on 07 March 2024 were reviewed and approved. The meeting also discussed and approved the Report of the Board of Directors for the Company's business/activities along with the Financial Statements for the year ended 31 December 2024. Approvals were given to the distribution of cash dividends to shareholders at Fils 45.17 per share or 45.17 % of the paid-up capital (inclusive of the interim dividend of Fils 18.59 per share which was already distributed to shareholders on 11 September 2024), which is BD63,948,538 for the year ended 31 December 2024, and the transfer of BD120,593,462 to the Retained Earnings. The discussion also covered the Corporate Governance Report for 2024, and the meeting approved the re-appointment of Ernst & Young as the Company's external auditors for the fiscal year 2025. On this occasion, the Chairman of Alba's Board of Directors, Khalid Al Rumaihi, said: 'Despite market headwinds, 2024 saw Alba achieve record-breaking performance highlighted by a remarkable profit increase and industry-leading safety performance. This success is a direct result of the collective leadership of our Board and the exceptional dedication of our Executive team. Together, we have navigated complexity and delivered outstanding results. I'm also confident that our clear vision, robust strategy, and dedication of our nationals, will continue to deliver exceptional long-term value and cement our industry leadership.' During the Extraordinary General Meeting, the minutes of the previous meeting held on 07 March 2024 were reviewed and approved. Approvals were also given to the amendment and restatement of the Memorandum and Articles of Association (Article no. 7) by removing Sabic Industrial Investments Company (Commercial Registration No. 10101812081) and adding Saudi Arabia Mining Company (Ma'aden) (Commercial Registration No. 1010164391) subject to the approval of regulatory authorities.
Biz Bahrain
24-02-2025
- Business
- Biz Bahrain
Alba announces Ma'aden as a major shareholder
Aluminium Bahrain B.S.C. (Alba), the world's largest smelter on one site, announces that Saudi Arabian Mining Company (Ma'aden) as its new strategic shareholder following the acquisition of SABIC's 20.62% stake in Alba. The billion transaction marks a transformative moment for Alba and reinforces its position as a global leader in the aluminium industry. Welcoming Ma'aden to Alba's shareholder base, Alba's Chairman of the Board, Khalid Al Rumaihi, stated: 'We are pleased to welcome Ma'aden as a strategic shareholder in Alba. This landmark transaction underscores Alba's operational excellence and growth potential. Together with Ma'aden, we will unlock synergies that strengthen our competitive edge globally while advancing our shared commitment to sustainability and innovation. This partnership also deepens the strong economic ties between Bahrain and Saudi Arabia as we embark on an exciting chapter of collaboration and growth.' With this acquisition, Alba's major shareholders now comprise Bahrain Mumtalakat Holding Company and Ma'aden, together reinforcing the Company's strong foundation for future growth. -Ends- About Aluminium Bahrain B.S.C. (Alba) [Ticker: ALBH] A Global Aluminium Leader: At plus-1.62 million metric tonnes per annum (mtpa) (2023), Alba is a world-leading aluminium smelter with a proud 50-year legacy in operational excellence, safety, environmental responsibility, and community development. Trusted Partner: A cornerstone of the Bahrain's economy, Alba produces high-quality aluminium, including standard and value-added products, which are exported to over 270 customers globally. With sales' offices in Europe (Zurich), Asia (Singapore), and a subsidiary in the U.S., Alba is a reliable partner on the world stage. Alba is dually listed on Bahrain Bourse and London Stock Exchange and its shareholders are Bahrain Mumtalakat Holding Company B.S.C. © (69.38%), SABIC Industrial Investments Company (SIIC) (20.62%) and General Public (10%). Alba prioritizes the highest quality standards, reflected in its certifications: ISO 9001 (quality), ISO 14001 (environment), ISO 27001 (information security), ISO 45001 (occupational health and safety), and ISO 18788 (security operations management). Additionally, Alba demonstrates its commitment to responsible manufacturing through certifications like IATF 16949 (automotive quality), ISO 22301 (business continuity), and ASI Performance and Chain of Custody Standards. This dedication is further underscored by their top 1% Ecovadis Platinum rating for sustainability. Pioneering Sustainability: As the first aluminium smelter in the Middle East, Alba is central to Bahrain's thriving downstream aluminium sector, contributing significantly to the Kingdom's GDP. Committed to social responsibility, Alba employs a workforce that is 86% Bahrainis (2023) and invests heavily in employee training and development. Alba also plays a crucial role in the Aluminium Downstream Park, therefore increasing the contribution of non-oil sectors to the GDP of Bahrain. Alba has been recognised for its initiatives to produce Aluminium responsibly through awards such as Top ESG performer in Bahrain by ESG Invest, Safeguard Label from Bureau Veritas and Best Corporate Governance Award by Ethical Boardroom. Recognised for its environmental practices, social contributions, and corporate governance, Alba launched a comprehensive ESG Roadmap in 2022 focusing on 6 priority areas: (1) Decarbonisation, (2) Green Energy & Aluminium, (3) Circular Economy & Secondary Aluminium, (4) Employee Welfare, (5) Collaboration & Partnership and (6) Transparency, Communications & Due Diligence. Since its inception, Alba has invested into numerous environment, sustainable and socio-economic development projects that have had a positive impact on the society. Alba's first-of-its-kind US$37.5 million zero-waste Spent Pot Lining Treatment Plant, the upcoming +6 MW Solar Farm Project and the Power Station 5 Block 4 Project are tangible initiatives aligned with Bahrain's Net Zero Carbon Targets by 2060 led by HRH the Crown Prince and Prime Minister of Bahrain. In a significant step towards its ESG goals, particularly its commitment to a circular economy and secondary aluminium, Alba introduced EternAl, its new line of low-carbon aluminium products. Launched in May 2024, EternAl offers two initial variants: EternAl-30 and EternAl-15, containing 30% and 15% recycled content respectively. Safety First, Always: Guided by the motto 'Safety First, Safety Always,' Alba prioritises the well-being of its employees and contractors. The Company achieved a record-breaking 30 million safe working hours without a lost-time injury in September 2022. The Company has been recognised internationally for its excellent Safety and Health track record with awards such as the RoSPA President's Award for winning RoSPA Gold Medal Award 10 years in a row, the British Safety Council's International Safety Award with Merit along with 4-Star Audit Rating, as well as numerous awards from the National Safety Council (NSC). Alba Power Station 5 (PS5) Block 4 Expansion Project Alba's PS5 Block 4 is a new 680.9-megawatt (MW) combined-cycle power plant that expands the existing PS5 facility. This state-of-the-art J-class gas turbine addition boasts superior efficiency compared to Power Stations 3 & 4. Scheduled for completion in Q4 2024, Block 4 will boost PS5's total capacity to 2,481 MW, while reducing greenhouse gas emissions by 0.5 tonnes of CO2 per tonne of aluminium produced. A consortium of Mitsubishi Power and SEPCOIII is responsible for the entire project lifecycle, from design and engineering to construction and commissioning. Alba has achieved in April 2024 the first fire of the state-of-the-art GT for Block 4 Project. Alba Stakeholder Engagement Plan Alba prioritises open communication with all its stakeholders, including the community, environmental and social groups. Through its Stakeholder Engagement Plan, the Company proactively addresses environmental and social impacts of its operations, outlining clear mitigation controls. Alba also maintains an external Grievance Mechanism accessible through the Code of Conduct, allowing stakeholders and the public to voice concerns and raise issues. Alba's External Grievance Mechanism Alba prioritises ethical conduct and environmental responsibility. Stakeholders, employees, contractors, and the community can confidentially report any potential breaches of Alba's Code of Conduct or raise concerns about environmental and social impacts through the Alba Integrity Line. This independent, multilingual hotline operates 24/7 and is accessible via a toll-free phone number, the company intranet, or the website at
Zawya
23-02-2025
- Business
- Zawya
Alba announces Ma'aden as a major shareholder
Manama, Bahrain – Aluminium Bahrain B.S.C. (Alba), the world's largest smelter on one site, announces that Saudi Arabian Mining Company (Ma'aden) as its new strategic shareholder following the acquisition of SABIC's 20.62% stake in Alba. The billion transaction marks a transformative moment for Alba and reinforces its position as a global leader in the aluminium industry. Welcoming Ma'aden to Alba's shareholder base, Alba's Chairman of the Board, Khalid Al Rumaihi, stated: 'We are pleased to welcome Ma'aden as a strategic shareholder in Alba. This landmark transaction underscores Alba's operational excellence and growth potential. Together with Ma'aden, we will unlock synergies that strengthen our competitive edge globally while advancing our shared commitment to sustainability and innovation. This partnership also deepens the strong economic ties between Bahrain and Saudi Arabia as we embark on an exciting chapter of collaboration and growth.' With this acquisition, Alba's major shareholders now comprise Bahrain Mumtalakat Holding Company and Ma'aden, together reinforcing the Company's strong foundation for future growth. -Ends- About Aluminium Bahrain B.S.C. (Alba) [Ticker: ALBH] A Global Aluminium Leader: At plus-1.62 million metric tonnes per annum (mtpa) (2023), Alba is a world-leading aluminium smelter with a proud 50-year legacy in operational excellence, safety, environmental responsibility, and community development. Trusted Partner: A cornerstone of the Bahrain's economy, Alba produces high-quality aluminium, including standard and value-added products, which are exported to over 270 customers globally. With sales' offices in Europe (Zurich), Asia (Singapore), and a subsidiary in the U.S., Alba is a reliable partner on the world stage. Alba is dually listed on Bahrain Bourse and London Stock Exchange and its shareholders are Bahrain Mumtalakat Holding Company B.S.C. © (69.38%), SABIC Industrial Investments Company (SIIC) (20.62%) and General Public (10%). Alba prioritizes the highest quality standards, reflected in its certifications: ISO 9001 (quality), ISO 14001 (environment), ISO 27001 (information security), ISO 45001 (occupational health and safety), and ISO 18788 (security operations management). Additionally, Alba demonstrates its commitment to responsible manufacturing through certifications like IATF 16949 (automotive quality), ISO 22301 (business continuity), and ASI Performance and Chain of Custody Standards. This dedication is further underscored by their top 1% Ecovadis Platinum rating for sustainability. Pioneering Sustainability: As the first aluminium smelter in the Middle East, Alba is central to Bahrain's thriving downstream aluminium sector, contributing significantly to the Kingdom's GDP. Committed to social responsibility, Alba employs a workforce that is 86% Bahrainis (2023) and invests heavily in employee training and development. Alba also plays a crucial role in the Aluminium Downstream Park, therefore increasing the contribution of non-oil sectors to the GDP of Bahrain. Alba has been recognised for its initiatives to produce Aluminium responsibly through awards such as Top ESG performer in Bahrain by ESG Invest, Safeguard Label from Bureau Veritas and Best Corporate Governance Award by Ethical Boardroom. Recognised for its environmental practices, social contributions, and corporate governance, Alba launched a comprehensive ESG Roadmap in 2022 focusing on 6 priority areas: (1) Decarbonisation, (2) Green Energy & Aluminium, (3) Circular Economy & Secondary Aluminium, (4) Employee Welfare, (5) Collaboration & Partnership and (6) Transparency, Communications & Due Diligence. Since its inception, Alba has invested into numerous environment, sustainable and socio-economic development projects that have had a positive impact on the society. Alba's first-of-its-kind US$37.5 million zero-waste Spent Pot Lining Treatment Plant, the upcoming +6 MW Solar Farm Project and the Power Station 5 Block 4 Project are tangible initiatives aligned with Bahrain's Net Zero Carbon Targets by 2060 led by HRH the Crown Prince and Prime Minister of Bahrain. In a significant step towards its ESG goals, particularly its commitment to a circular economy and secondary aluminium, Alba introduced EternAl, its new line of low-carbon aluminium products. Launched in May 2024, EternAl offers two initial variants: EternAl-30 and EternAl-15, containing 30% and 15% recycled content respectively. Safety First, Always: Guided by the motto "Safety First, Safety Always," Alba prioritises the well-being of its employees and contractors. The Company achieved a record-breaking 30 million safe working hours without a lost-time injury in September 2022. The Company has been recognised internationally for its excellent Safety and Health track record with awards such as the RoSPA President's Award for winning RoSPA Gold Medal Award 10 years in a row, the British Safety Council's International Safety Award with Merit along with 4-Star Audit Rating, as well as numerous awards from the National Safety Council (NSC). Alba Power Station 5 (PS5) Block 4 Expansion Project Alba's PS5 Block 4 is a new 680.9-megawatt (MW) combined-cycle power plant that expands the existing PS5 facility. This state-of-the-art J-class gas turbine addition boasts superior efficiency compared to Power Stations 3 & 4. Scheduled for completion in Q4 2024, Block 4 will boost PS5's total capacity to 2,481 MW, while reducing greenhouse gas emissions by 0.5 tonnes of CO2 per tonne of aluminium produced. A consortium of Mitsubishi Power and SEPCOIII is responsible for the entire project lifecycle, from design and engineering to construction and commissioning. Alba has achieved in April 2024 the first fire of the state-of-the-art GT for Block 4 Project. Alba Stakeholder Engagement Plan Alba prioritises open communication with all its stakeholders, including the community, environmental and social groups. Through its Stakeholder Engagement Plan, the Company proactively addresses environmental and social impacts of its operations, outlining clear mitigation controls. Alba also maintains an external Grievance Mechanism accessible through the Code of Conduct, allowing stakeholders and the public to voice concerns and raise issues. Alba's External Grievance Mechanism Alba prioritises ethical conduct and environmental responsibility. Stakeholders, employees, contractors, and the community can confidentially report any potential breaches of Alba's Code of Conduct or raise concerns about environmental and social impacts through the Alba Integrity Line. This independent, multilingual hotline operates 24/7 and is accessible via a toll-free phone number, the company intranet, or the website at For further details, please contact: Eline Hilal Director, Investor Relations, Insurance & Corporate Secretary Investor Relations Department E-mail: Website: Follow us on: |
Trade Arabia
19-02-2025
- Business
- Trade Arabia
Mitsubishi Power completes GTCC power station at Alba plant
Mitsubishi Power, a power solutions brand of Japanese group Mitsubishi Heavy Industries (MHI), today (February 19) announced the successful completion of the Power Station 5 Block 4 gas turbine combined cycle (GTCC) power plant at Aluminium Bahrain (Alba). This plant is powered by Mitsubishi Power's state-of-the-art, hydrogen-ready M701JAC gas turbine and steam turbine. The high-efficiency power plant was developed by a Mitsubishi Power consortium with SepcoIII to expand Alba's captive power generation capacity in line with its growth and sustainability objectives, and to help accelerate the sustainable economic development of Bahrain, said the Japanese group in a statement. With a combined cycle output of 680.9 MW, the Mitsubishi Power M701JAC gas turbine represents the first deployment of this advanced JAC technology in a Middle Eastern aluminium smelter, contributing to Alba's decarbonization goals while ensuring energy security for its operations. The announcement was made during a ceremony held at Alba's Power Station 5 site attended by high-level officials from Alba including the Chairman of the Board Khalid Al Rumaihi, Chief Executive Officer Ali Al Baqali, Chief Power Officer Amin Sultan, and Alba's Executive Management Team and a senior delegation from Mitsubishi Power led by Takashi Tozawa, Vice President, Energy Systems at MHI and Khalid Salem, President, Middle East and North Africa, Mitsubishi Power. Senior officials from SepcoIII were also present including its Vice President, Kong Lingfen. Mitsubishi Power was able to complete the contract a month ahead of schedule and this new milestone marks the successful execution of the project, reinforcing its track record in the delivery of high-efficiency and reliable power solutions for energy-intensive industries. On the project completion, Tozawa said: "We are honored to celebrate this landmark project which introduced Mitsubishi Power's state-of-the-art power generation technology to the Mena region and we are proud to mark the completion of this significant milestone for our partner Alba." "The successful start of commercial operation at the Power Station 5 Block 4 project with our world-leading, hydrogen-ready M701JAC Gas Turbine is a testament to our dedication to support our customers meet their energy goals as well as to decarbonizing heavy industry," he stated. "This milestone not only underscores our strong collaboration but also plays a pivotal role in advancing Bahrain's Economic Vision 2030 and building a sustainable energy future for the Kingdom," he added. Al Rumaihi said: "Power Station 5 Block 4 isn't just an expansion of our power capacity, it's a testament for Alba's vision for a sustainable future, and a powerful symbol of what is possible when innovation and partnership converge." "This Project, delivered ahead of schedule thanks to the dedication of our teams and partners like Mitsubishi Power and SepcoIII, propels us forward on our journey to a greener Bahrain, demonstrating that industrial growth and environmental stewardship can go hand in hand," he added. As part of the agreement, Mitsubishi Power will continue supporting Alba through a Long-Term Service Agreement (LTSA), ensuring high availability, reliability, and performance of the gas turbine.
