Aluminum Bahrain B.S.C. announced (Alba) (Symbol: ALBH), the largest single-site aluminum smelter in the world, reported a profit of 67.3 million Bahraini dinars (179 million US dollars) during the third quarter of 2025, recording an increase of 23% year-on-year, compared to a profit of 54.5 million Bahraini dinars (145 million US dollars) for the same period in 2024. The company announced a basic and diluted earnings per share of 48 fils in the third quarter of the year 2025, compared to a basic and diluted profit share of 39 fils for the same period in the year 2024. The total comprehensive income during the third quarter of the year 2025 amounted to 67.5 million Bahraini dinars (179.4 million US dollars) compared to the total comprehensive income during the third quarter of the year 2024, which amounted to 51 million Bahraini dinars (135.6 million US dollars) – i.e. An increase of 32% on an annual basis. Total profit during the third quarter of 2025 amounted to 98 million Bahraini dinars (260.8 million US dollars), compared to 80.5 million Bahraini dinars (214 million US dollars) for the same period in 2024 – recording an increase of 22% on an annual basis. Regarding revenues from contracts concluded with customers in the third quarter of 2025, Alba achieved 449.4 million Bahraini dinars (1,195.3 million US dollars) compared to 433.5 million Bahraini dinars (1,152.8 million US dollars) in the third quarter of 2024 – an increase of 4% year-on-year.
As for the first nine months of 2025, Alba announced a profit of 110 million Bahraini dinars (US$292.4 million), a decrease of 25% year-on-year, compared to a profit of 147.5 million Bahraini dinars (US$392.2 million) for the same period of 2024. The company announced a basic and diluted earnings per share of 78 fils for the first nine months. From the year 2025, compared to a basic and diluted earnings per share of 104 fils for the same period in the year 2024. The total comprehensive income for the first nine months of the year 2025 amounted to 106 million Bahraini dinars (282.2 million US dollars), recording a decrease of 27% on an annual basis, compared to the total comprehensive income of 145.3 million Bahraini dinars (386.5 million US dollars) for the same period of the year. 2024. The total profit for the first nine months of the year 2025 amounted to 190.7 million Bahraini dinars (507.2 million US dollars), compared to 234 million Bahraini dinars (622 million US dollars) for the same period of the year 2024 – a decrease of 18% on an annual basis. During the first nine months of 2025, the company achieved revenues from contracts concluded with customers worth 1,292.4 million Bahraini dinars (3,437.3 million US dollars), compared to 1,175 million Bahraini dinars (3,125 million US dollars) for the same period in 2024 – an increase of 10% on an annual basis.
Total ownership rights as of September 30, 2025 amounted to 1,978 million Bahraini dinars (5,260.4 million US dollars), recording an increase of 3%, compared to 1,924 million Bahraini dinars (5,117 million US dollars) as of December 31, 2024. While total assets as of September 30, 2025 amounted to 2,635 million Bahraini dinars. (7,008 million US dollars) compared to 2,673.4 million Bahraini dinars (7,110 million US dollars) as of December 31, 2024 – a decrease of 1%.
Global supply and demand (based on market information and analysis)
Supply and Demand in the Aluminum Market: Limited Demand Growth, Balanced Supply (For more information, please see the Investor Relations presentation)
Global economic growth continues to slow, with the third quarter recording a modest improvement in light of continuing trade tensions and weak investor confidence.
– Tariffs continue to restrict global aluminum demand, specifically in the United States, where the rising cost of imports and a growing trade deficit have slowed GDP growth.
– Ongoing trade tensions and tariffs continue to put pressure on global aluminum demand, resulting in an annual decline in most regions. Consumption declined in North America, Europe, and the Middle East, while China was the only exception, achieving modest growth thanks to targeted stimulus programs.
On the supply side, capacity constraints in China, coupled with the slow recovery in other regional markets, contributed to limiting global production growth to record a slight increase of only 1% year-on-year.
Between limited supply and declining demand, the market is witnessing a state of balance without excessive increase or decrease in supply, but the market situation remains highly affected by changing policies and macroeconomic conditions.
– Market balance: With production in China growing at a slower pace than consumption (while maintaining the annual production ceiling at 45 million tons), the global market records a surplus of 48,000 metric tons with China included, and 27,000 metric tons without counting it.
Aluminum market prices and stocks
Average prices on the London Metal Exchange reached US$2,617 per ton during the third quarter of 2025 (+10% year-on-year). Prices witnessed continuous fluctuations, ranging between a minimum of US$2,545 per ton and a maximum of US$2,736 per ton, driven by the weakness of the US dollar, expectations of implementing monetary easing, and a decline in supply while demand continues.
– Higher yields varied year over year: Higher yields rose in the US Midwest, while the Port of Rotterdam and major Japanese ports declined sharply as demand declined.
– Inventories on the LME fell by 35% year-on-year to 513,000 metric tons, with Russian-origin products accounting for two-thirds of these inventories, reflecting continued market turmoil and supply challenges.
Alba’s third quarter operational performance highlights
Sales volume reached 413,636 metric tons, recording a 4% decrease year-on-year, which reflected a slight decline in market demand. Net final production increased by 3% year-on-year to reach 412,757 metric tons, thanks to operational efficiency efforts.
– Value-added sales represented 77% of total shipments, an increase of two percentage points year-on-year (317,996 metric tons in the third quarter of 2025 compared to 311,263 metric tons in the third quarter of 2024).
Most prominent strategic initiatives:
– Achieving savings worth US$78.52 million within the digital piggy bank program, exceeding the target savings for 2025 of US$60 million.
– Strengthening partnerships by renewing the alumina ore supply agreement with Hydro, and cooperating with the “Derasat” Center in a number of environmental initiatives.
– Pursuing growth opportunities by signing a memorandum of understanding with the Holding Company for Metallurgical Industries in Egypt to discuss the possibility of establishing an alumina refinery.
Aluminum Market Forecast: Adapting to Uncertainty and Fluctuations in Supply and Demand (Based on Market Information and Analysis)
Supply and demand conditions in the aluminum market remain strong, but price trends and higher returns will be determined by ongoing trade negotiations, supply risks, and demand fluctuations in various regional markets.
– NME prices are expected to range between US$2,600 per ton and US$2,700 per ton in the near term.
Alba’s priorities for 2025
In line with the Kingdom of Bahrain’s goals to achieve carbon neutrality by 2060, Alba seeks to implement sustainability initiatives at all stages of the value chain – from the supply of raw materials to the delivery of products – in order to reduce the environmental impact of the company’s operations.
The company seeks to exceed the record in final net production for the year 2024, which reached 1,622,261 metric tons. With the digital piggy bank program achieving savings of $60 million in 2025, the company aims to reach total savings of $150 million in 2026.
Alba seeks to leverage industry-leading certifications, such as those issued by the Aluminum Sustainability Initiative and Ecovadis, as well as its low-carbon aluminum product line, Eternal, in order to enter new markets and drive sales growth of value-added products.
Alba is advancing its recycling efforts by establishing the “Alba Daiki Sustainable Solutions” plant to process aluminum slag waste by September 2026.
The company aims to complete the feasibility study for the new alternative line, which will contribute to enhancing the company’s production capacity. Furthermore, on November 11, 2025, the Board of Directors agreed to proceed with the bankable feasibility study for the new alternative line.
Commenting on the company’s performance for the third quarter of 2025, Alba’s Chairman of the Board of Directors, Khaled Al Rumaihi, said:
“Alba recorded a 23% increase in profit year-on-year during the third quarter, which confirms our resilience and firm commitment to achieving our goals. In addition to our strong financial performance, we continue to implement sustainability initiatives in all our operations, in line with the Kingdom of Bahrain’s vision to achieve carbon neutrality by 2060. Our priorities during the coming period revolve around securing a sustainable future for the company by enhancing production capacity, and driving recycling and innovation initiatives, in order to ensure long-term value for our shareholders and stakeholders in the company.”
For his part, Alba’s CEO, Ali Al Baqali, added:
“Although market conditions impacted the company’s profit over the nine months, our revenue growth and progress in achieving savings through the digital piggy bank reflect our ability to adapt and achieve success. Beyond financial performance, our success in achieving 41 million safe working hours and achieving a 5-star rating from the British Safety Council underscores our unwavering commitment to the safety and health of our employees, who represent the driving force that enables us to achieve strong performance.”
The company’s management intends to hold a telephone meeting on Wednesday, November 12, 2025, at 3:00 pm, Kingdom of Bahrain time, to discuss the company’s financial and operational performance during the third quarter of 2025, and to determine its strategic priorities for the remainder of the year.
