Alba’s top-line and bottom-line for the Fourth Quarter of 2018 were impacted primarily by lower Sales’ revenue and higher Alumina prices. For the Full-Year of 2018, Alba’s top-line and bottom-line were attributable to higher sales volume, higher LME price (+7% Year-over-Year (YoY)) and partially offset by higher Alumina Prices (+34% YoY).
The Company reported a Net Loss of BD 17.5 million (US$ 47 million) in the fourth quarter of 2018 versus a Net Income of BD 23.4 million (USD 62.4 million) for the same period in 2017, down by 175% YoY. The Company reported a Gross Loss of BD 7.4 million (USD 20 million) versus a Gross Profit of BD 37.3 million (USD 99.2 million) in the same quarter of 2017, down by 120% YoY. With regards to Total Sales/Revenues, Alba reported BD 211.5 million (USD 562.6 million) in Q4 2018, versus BD 252.7 million (USD 672.2 million) in Q4 2017, a drop of 16% YoY. The Company reported a Loss per Share in the fourth quarter of 2018 fils 13 versus Earning per share fils 16 in Q4 2017.
For the Full-Year of 2018, Alba’s Net Income stood at BD 59.8 million (USD 158.9 million), down by 35% YoY, compared to BD 92.5 million (USD 245.9 million) in 2017. The Company reported a Gross Profit of BD 85.9 million (USD 228.6 million) versus BD 134.6 million (USD 358.1 million) a decrease of 36% YoY. Total Sales/Revenues reached BD 911.3 million (USD 2.4 billion), up by 6% YoY, compared to BD 857.8 million (USD 2.3 billion) in 2017. Earnings per Share were fils 42 versus fils 65 for 2017.
Alba’s Total Assets as at December 31, 2018 reached BD 2,208.7 million (USD 5,874.2 million), versus BD 1,686.1 million (US$ 4,484.5 million) as at 31 December 2017, up by 31% YoY. Total Shareholders’ Equity as at December 31, 2018 stood at BD 1,073.5 million (USD 2,854.9 million), up by 2% YoY, versus BD 1,052.4 million (USD 2,798.9 million) as at December 31, 2017.
2018 Industry Highlights:
World Consumption at ~66 million metric tonnes (mt) and up by 3% Year-over-Year (YoY). MENA demand rose by double digit (+13% YoY) backed by major infrastructure spending in Saudi Arabia (+28% YoY). Asian demand rose by 4% YoY led by slow consumption in China (+4% YoY). Europe consumption up by 3% YoY supported by sound demand in the construction and automobile sectors while demand in North America rose by 2% YoY mainly driven by the auto and aerospace sectors.
Global Production Almost Flat at 1% YoY (~64 million tonne), thus leading the World Market into a deficit with China (-1.8 million tonne) and in deficit w/o China (-2.2 million tonne). Higher alumina and power prices drove Chinese smelters’ closure translating into flat production growth, while Production in North America was down by 4% YoY due to production cut in ABI smelter in Canada.
Commenting on Alba’s financial performance for the Full-Year of 2018, the Chairman of Alba’s Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said that “Despite the significant volatility in the financial markets, Alba had a strong finish in both Safety and Production where Alba exceeded the 1-million metric tonnes production mark for the 1st time in its history. In addition, our flagship Line 6 project was commissioned ahead of schedule on 13 December 2018”.
Adding further, Alba’s Chief Executive Officer said that “2018 was a challenging year with the unprecedented spike in Alumina prices which significantly impacted our bottom-line. Despite the impact of higher Alumina prices, Alba was able to deliver solid results on the back of our Project Titan Cost Improvement Program. I would also like to thank all Alba employees and contractors for their contribution on Safety during 2018.”
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