The company described 2013 as "an exceptional operational performance despite tough market conditions".

Chairman Mahmood Hashim Al Kooheji said: “Alba continues to push the limit on operational improvement with the launch of the Project Titan cost improvement programme.”

“We feel Project Titan will not only be a key differentiator but will also give the company a cutting-edge to maintain its competitive position in this industry,” he added.

Last month, Alba swung to a third-quarter net profit on higher sales to Saudi Arabia.
The owner of the world’s fourth-largest aluminium smelter said net profit for the three months to September 30 was BD4.9m ($13 million) versus a net loss of BD13m a year earlier.

Alba's income was boosted by a 7% increase in sales to BD183.3m, with strong demand from Saudi Arabia noted, and a 4.7% hike in tonnes produced compared to the same months last year.