Aluminium Bahrain (Alba) reported a profit attributable to equity holders of BD 75.3 million (USD 200.3 million) for the first quarter of 2026.

This represents a 316% increase compared to the BD 18.1 million (USD 48.2 million) achieved in the same period of 2025.

Total comprehensive income for the quarter reached BD 76.1 million (USD 202.4 million), a 353% increase year-over-year.

Ali Al Baqali, Alba CEO, said: “Alba’s first-quarter performance underscores the resilience and flexibility of our operating model in a challenging external environment.

“While Net Finished Production and Sales Volumes dropped by 14% and 17% respectively, these movements were driven by constraints across key regional shipping corridors.

“Our focus remains firmly on the safety of our people, maintaining operational efficiency, disciplined cost control, and reliable delivery while actively managing through external developments.”

Operational status

In response to prevailing raw material availability conditions, Alba implemented disciplined production curtailment measures across its operations to optimise alumina utilisation, preserve smelter stability, and maintain overall system integrity.

As part of this strategy, the company executed a controlled shutdown of Lines 1-3 in response to prevailing regional tensions.

In addition, sales volumes reflected the impact of regional disruptions affecting shipping routes, including constraints through the Strait of Hormuz.

The company continues to monitor inventory levels and key operating parameters closely, with a focus on maintaining operational flexibility and safety.

Khalid Al Rumaihi, Chairman of Alba’s Board of Directors, said: “Despite lower volumes, our portfolio remained resilient, with Value-Added Products accounting for 71% of shipments - a clear demonstration of our focus on value over volume.”

Market conditions

The company's performance was supported by a 22% year-over-year increase in LME prices, which averaged USD 3,195 per tonne in Q1 2026.

However, regional production in the Middle East declined by approximately 3% due to conflict-related curtailments.

As of March 31, 2026, Alba’s total assets were BD 2,807.6 million (USD 7,467 million), a 7% increase since December 31, 2025.

Total equity stood at BD 2,098.7 million (USD 5,581.5 million), reflecting a 1% increase from the end of 2025.

Outlook

Aluminium prices are expected to remain supported by tightening supply conditions, with upward pressure reflecting the continued imbalance between constrained supply and relatively resilient demand.

Global demand growth is likely to be supported by ex‑China markets, with performance dependent on broader macroeconomic conditions and continued exposure to downside risks, including elevated energy costs and inflationary pressures amid ongoing geopolitical uncertainty.

Supply dynamics are likely to remain constrained following the Middle East disruption, tightening market balances through reduced availability, with recovery dependent on the timing and pace of smelter restart.