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Board of Directors

Shaikh Daij bin Salman bin
Daij Al Khalifa


Yousif A. Taqi


Suha S. Karzoon


Mutlaq H. Al Morished


Ahmed Al Duriaan


Omar Al Amoudi


Tim Murray


Rasha M. Sabkar


Shaikh Isa bin Khalid Al-Khalifa


Iyad Al Garawi


Executive Management

Ali Al Baqali

Chief Executive Officer

Khalid A. Latif

Chief Marketing Officer

Amin Sultan

Chief Power Officer

Waleed Tamimi

Chief Supply Officer

Dr. Abdulla Habib

Chief Operations Officer

Bryan Harris

Chief Financial Officer


To our

On behalf of the Board of Directors, I am pleased to present Aluminium Bahrain B.S.C. (Alba)’s Annual Report for 2022.

I am proud to state that Alba had another successful year: we are pleased to be one of the top contributors to the economic and social development of the Kingdom of Bahrain, while maintaining profitability, exceeding production targets and continuing to score higher in areas of Environment, Social and Governance (ESG).

Financial Performance

The choices we have made since the full commissioning of our game-changer, Line 6 Expansion Project, in 2019 coupled with the execution of our strategic priorities have been key to delivering a strong financial performance as well as allowed us to navigate through the various market challenges and COVID-19.

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Par Excellence Performance

We are pleased to report another record year of strong operational growth and financial performance despite market challenges with the ongoing Russia-Ukraine War, COVID-19 concerns in China, higher energy costs in Europe, fears of recession and continuous supply-chain disruptions -- all of which have taken their toll on the Aluminium market.

We hit an all-time production record of 1,600,111 metric tonnes per annum while our Value-Added Sales exceeded, for the first time in history, 1,042,000 metric tonnes. We also recorded 30+ million safe working hours without LTI for the second year in a row; our EBITDA was at record levels of US$1.502 billion; and our Profit hit the three-comma club again with US$1.107 billion.

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2022 In Review

  • Operational: Alba announces 607 promotions – highest ever achieved in Alba’s history
  • Strategic: Alba CEO unveils Objectives for 2022 during Annual Majlis
  • Strategic: Alba welcomes high-level delegation from ALEASTUR
  • ESG: Alba and Mitsubishi Heavy Industries Ink MoU for Carbon Capture
  • ESG: Alba and BAPCO join forces to foster Green and Sustainable Industrial Development
  • Financial: Alba Discloses its Financial Results for the Fourth Quarter and Full Year of 2021
  • Financial: Alba Holds Virtual AGM Meeting for 2022
  • Award: Alba wins British Safety Council’s International Safety Award 2022
  • ESG: Alba inks MoU with Bahrain Polytechnic to develop higher educational opportunities for Bahraini nationals
  • Human Development: Alba Honours its National Employees
  • Operational: Alba inks MoU with Emirates Global Aluminium to explore opportunities to increase its production
  • ESG: Alba launches month-long Ramadan SHE Campaign
  • Operational: Alba Selects EtaPRO to use Digital Industry 4.0 and AI to improve its Power Stations’ Performance
  • Award: Alba Lands RoSPA Award for Nine Consecutive Years
  • ESG: Alba CEO rolls out the Company’s ESG Roadmap
  • Financial: Alba Becomes First Company in Bahrain to Refinance its Existing Syndicated Loan of c.US$1.247 Billion Tied to Sustainability Linked Targets
  • ESG: Alba makes history with its first ever achieved Safety Performance
  • Award: Alba continues to lead in ESG, earning rank no. 1 amongst listed companies in Bahrain
  • Financial: Alba Discloses its Financial Results for Q1 2022
  • Operational: Alba Signs Agreement with Mitsubishi Power & SEPCOIII as EPC contractor for Block 4 in Power Station 5
  • Strategic: Alba Grows its Global Presence with Opening its Sales’ Office in Singapore
  • ESG: Alba hosts a delegation of Bahrain Association of Banks to further its ESG goals
  • ESG: Alba launches its plantwide ESG Campaign 'A Journey, Not A Destination'
  • Strategic: Alba Chairman leads the Company’s delegation at the 25th Arab-German Business Forum 2022
  • ESG: Alba affirms its commitment to Bahraini youth development
  • Award: Alba lands Six major International Awards from National Safety Council
  • Operational: Alba’s Chairman of the Board of Directors holds the field visit to Casthouse 4
  • ESG: Alba backs the development of Ras Sanad Mangrove Nursery Project as part of 'Forever Green' Campaign
  • Financial: Alba Discloses its Financial Results for Q2 & H1 of 2022
  • ESG: Alba sets unprecedented record of 30 million Safe Working Hours without LTI
  • ESG: Alba’s commitment to Bahrain’s Objectives of Net Zero Emissions by 2060 highlighted at International Aluminium 2022 Conference
  • ESG: Alba CEO applauds 18 female employees on completing Leadership Development Programme
  • Operational: Alba’s Chairman of the Board of Directors debuts the First Concrete Pour for PS5 Block 4 Project
  • Operational: Mitsubishi Power Awarded Long-Term Service Agreement by Aluminium Bahrain BSC (Alba) to Ensure Efficient and Reliable Power Supply
  • Award: Alba wins ‘Volunteer Service Award’ by INJAZ Bahrain for the 2nd year in a row
  • Strategic: Alba’s delegation, led by its Chairman of the Board, attends LME Week and meets with the LME’s Chairman
  • ESG: Alba supports the second phase of 'Forever Green' Campaign
  • Strategic: Alba emphasises on collective cooperation for Sustainable Aluminium Production at the Gulf Aluminium Dinner 2022
  • Award: Alba Wins prestigious GAC Health and Safety Award 2022
  • Financial: Alba Reports its Financial Results for Q3 and 9 Months of 2022
  • Financial: Alba Successfully Reaches the Financial Close for its Power Station 5 Block 4 Project
  • ESG: Alba CEO awards 65 employees on completing Industry 4.0 training courses
  • Award: Alba Wins Two Major Investor Relations Awards for 2022 by MEIRA
  • Strategic: Alba Chairman connects with HE the Egyptian’s Minister of Public Enterprises Sector during ARABAL Conference 2022
  • ESG: Alba celebrates Bahraini Woman’s Day with its female employees
  • Strategic: Alba Awards Bechtel to Conduct Line 7 Project’s Feasibility Study
  • Award: Alba Scoops Two Major Environmental Awards from the Green Organisation
  • ESG: Alba launches its mini plant-wide Safety & ESG Campaign ‘Back to Core Basics’
  • Operational: Alba closes 2022 with a record-breaking production of 1,600,111 MT

Financial Highlights

Metal Sales


US$ million 2021: 4,169 Y-o-Y Growth: 17%

Metal Revenues up by 17% YoY thanks to higher volume, LME and Premium prices



US$ million 2021: 100 Y-o-Y Growth: 220%

Cash Payback to Shareholders consists of cash paid during the current year in terms of final tranche for the previous year and interim dividend for the current year.



2021: 57% Y-o-Y Growth: 13%

Equity Ratio up by 13% YoY owing to a double-digit increase in Total Equity



US$ million 2021: 1,636 Y-o-Y Growth: (8%)

Lower EBITDA by 8% owing to Higher Direct Costs & Selling/Distribution Expenses



US$ million 2021: 2,218 Y-o-Y Growth: (36%)

Net Debt improved by 36% YoY due to servicing loans/early repayments.



US$ million 2021: 3,997 Y-o-Y Growth: 21%

Shareholders’ Equity up by 21% thanks to higher Profit in 2022.



US$ million 2021: 1,202 Y-o-Y Growth: (8%)

Net Profit down by 8% YoY impacted by lower EBIDTA



2021: 1.36x Y-o-Y Growth: (30%)

Improved Net Debt to EBITDA thanks to servicing loans/early repayments.



US$ million 2021: 587 Y-o-Y Growth: 110%

Free-Cash Flow increased by 110% YoY thanks to favourable Cash Flow from Operations



2021: 43% Y-o-Y Growth: (13%)

Leverage Ratio imporved by 13% YoY, owing to a significant drop in Total Liabilities thanks to servicing loans.