VISION
MISSION
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VALUES
Built for What's Next
Annual Report 2025
Board of Directors
Khalid Al Rumaihi Chairman
Shaikh Isa bin Khalid
Al Khalifa
Director
Bruce Cox Director
Omar Syed Director
Rasha Sabkar Director
Roselyne Renel Director
Tim Murray Director
Ahmed Al Shaikh Director
Khalid Al Rowais Director
Hala Mufeez Director
Khalid Al Rumaihi Chairman
Shaikh Isa bin Khalid
Al Khalifa
Director
Bruce Cox Director
Roselyne Renel Director
Tim Murray Director
Omar Syed Director
Rasha Sabkar Director
Hala Mufeez Director
Ahmed Al Shaikh Director
Khalid Al Rowais Director
Executive Management
Ali Al Baqali Chief Executive Officer
Dr. Abdulla Habib Ahmed Chief Operations Officer
Amin Sultan Chief Power Officer
Waleed Tamimi Chief Supply Officer
Hisham Al Kooheji Chief Marketing Officer
Ricardo Santana Chief Financial Officer
Fahad Danish Chief Human Resource Officer
Sohaila Abdul Rahman Chief Legal & Governance Officer
Ali Al Baqali Chief Executive Officer
Dr. Abdulla Habib
Ahmed
Chief Operations Officer
Amin Sultan Chief Power Officer
Waleed Tamimi Chief Supply Officer
Hisham Al Kooheji Chief Marketing Officer
Ricardo Santana Chief Financial Officer
Fahad Danish Chief Human Resource Officer
Sohaila Abdul Rahman Chief Legal & Governance Officer
Chairman Message
The year 2025 was a defining chapter in Alba’s transformation journey. In a challenging macroeconomic environment, we strengthened our foundations, sharpened our strategic focus and delivered solid results, all while maintaining operational stability and advancing the initiatives that will shape our long‑term competitiveness. Our performance reflects the discipline of our teams, the strength of our culture and the clarity of our strategic direction.
From a financial standpoint, Alba closed 2025 with strong momentum. We delivered a full‑year profit of BD218.7 million, representing an 18.5% year‑on‑year increase, supported by higher production, record sales volumes and disciplined cost management.
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Khalid Al Rumaihi
Chairman of the Board
CEO Message
Our 2025 performance tells a clear story: Alba delivered record results while strengthening the foundations that matter most – safety, people and sustainability. Our achievements were not only exceptional in scale, but in how they were realised: safely, responsibly and with a disciplined focus on continuous improvement.
2025 at Glance We exceeded the ambitions set out in our four strategic objectives: Be an Albawee, Tapping into Talent, Alba’s Open Space, and e-Al Hassalah Year-2.
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Ali Al Baqali
Chief Executive Officer
To drive the aluminium industry forward through human talent
and innovation from Bahrain to the world.
- Safe & Green
- Team
- Ethics
- Excellence
- Resilience
Drive long-term sustainable value for all stakeholders by capitalising on the strength of our product portfolio, anchored in our enduring dedication to safety and efficiency.
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VALUES
2025 in Review
Financial Highlights
Revenue from Contracts with Customers
4,731
US$ Million 2024: 4,313 | Y-o-Y 10%
Metal revenue increased by 10% year‑on‑year (YoY), supported by higher LME pricing and an improved mix of value‑added sales
Equity Ratio
80%
2024: 72% | Y-o-Y 8%
Equity Ratio up by 8% YoY due to the expansion of total equity
Equity Ratio = Total Equity / Total Assets
Cash Payback to Shareholders
140
US$ MILLION 2024: 130 | Y-o-Y 8%
Cash payback to shareholders during 2025 reflects the payment of the final tranche of the 2024 dividend, together with the interim dividend for 2025
EBITDA
1,078
US$ MILLION 2024: 939 | Y-o-Y 15%
EBITDA increased, driven by higher LME prices and partially offset by higher alumina prices
EBITDA = Profit for the year before tax + Finance cost + Depreciation and Amortisation + Changes in fair value of derivative financial Instruments - Realised gain on settlement of cash flow hedge for interest rate swaps
Net Debt
564
US$ MILLION 2024: 1,103 | Y-o-Y (49%)
Net debt improved by 49% YoY reflecting disciplined loan servicing
Net Debt = Total Borrowings - Bank balances and cash
Shareholders’ Equity
5,547
US$ MILLION 2024: 5,117 | Y-o-Y 8%
Shareholders’ equity increased by 8% YoY primarily attributable to higher retained earnings
Profit
582
US$ MILLION 2024: 491 | Y-o-Y 19%
Profit increased by 19% YoY driven by higher EBITDA
Net Debt to EBITDA
0.52x
2024: 1.17x | Y-o-Y (55%)
Net Debt to EBITDA ratio improved YoY supported by lower net debt following loan servicing and stronger EBITDA
Free Cash Flow
765
US$ MILLION 2024: 569 | Y-o-Y 34%
Free cash flow increased by 34% YoY, driven by improved cash from operations
Leverage Ratio
20%
US$ MILLION 2024: 28% | Y-o-Y (8%)
Leverage ratio improved by 8% YoY driven by a reduction in total liabilities through disciplined loan servicing
Leverage Ratio = Total Liabilities / Total Assets
Revenue from Contracts with Customers
4,731
US$ Million 2024: 4,313 | Y-o-Y 10%
Metal revenue increased by 10% year‑on‑year (YoY), supported by higher LME pricing and an improved mix of value‑added sales
Equity Ratio
80%
2024: 72% | Y-o-Y 8%
Equity Ratio up by 8% YoY due to the expansion of total equity
Equity Ratio = Total Equity / Total Assets
Cash Payback to Shareholders
140
US$ MILLION 2024: 130 | Y-o-Y 8%
Cash payback to shareholders during 2025 reflects the payment of the final tranche of the 2024 dividend, together with the interim dividend for 2025
EBITDA
1,078
US$ MILLION 2024: 939 | Y-o-Y 15%
EBITDA increased, driven by higher LME prices and partially offset by higher alumina prices
EBITDA = Profit for the year before tax + Finance cost + Depreciation and Amortisation + Changes in fair value of derivative financial Instruments - Realised gain on settlement of cash flow hedge for interest rate swaps
Net Debt
564
US$ MILLION 2024: 1,103 | Y-o-Y (49%)
Net debt improved by 49% YoY reflecting disciplined loan servicing
Net Debt = Total Borrowings - Bank balances and cash
Shareholders’ Equity
5,547
US$ MILLION 2024: 5,117 | Y-o-Y 8%
Shareholders’ equity increased by 8% YoY primarily attributable to higher retained earnings
Profit
582
US$ MILLION 2024: 491 | Y-o-Y 19%
Profit increased by 19% YoY driven by higher EBITDA
Net Debt to EBITDA
0.52x
2024: 1.17x | Y-o-Y (55%)
Net Debt to EBITDA ratio improved YoY supported by lower net debt following loan servicing and stronger EBITDA
Free Cash Flow
765
US$ MILLION 2024: 569 | Y-o-Y (34%)
Free cash flow increased by 34% YoY, driven by improved cash from operations
Leverage Ratio
20%
US$ MILLION 2024: 28% | Y-o-Y (8%)
Leverage ratio improved by 8% YoY driven by a reduction in total liabilities through disciplined loan servicing
Leverage Ratio = Total Liabilities / Total Assets
Financial Statements
Financial Statements (Download PDF)