VISION
MISSION
VALUES
Built for What's Next
Annual Report 2025
BOARD OF DIRECTORS
Khalid Al Rumaihi Chairman
Shaikh Isa Bin Khalid Al Khalifa Director
Tim Murray Director
Omar Syed Director
Bruce Cox Director
Roselyne Renel Director
Omar Al Amoudi Director
Ahmed Al Duriaan Director
Jihad Hakamy Director
Hala Mufeez Director
Khalid Al Rumaihi Chairman
Shaikh Isa Bin Khalid Al Khalifa Director
Tim Murray Director
Omar Syed Director
Bruce Cox Director
Roselyne Renel Director
Omar Al Amoudi Director
Ahmed Al Duriaan Director
Jihad Hakamy Director
Hala Mufeez Director
EXECUTIVE MANAGEMENT
Ali Al Baqali Chief Executive Officer
Dr. Abdulla Habib Ahmed Chief Operations Officer
Waleed Tamimi Chief Supply Officer
Ricardo Santana Chief Finance Officer
Amin Sultan Chief Power Officer
Hisham Al Kooheji Chief Marketing Officer
Fahad Danish Chief Human Resources Officer
Ali Al Baqali Chief Executive Officer
Dr. Abdulla Habib Ahmed Chief Operations Officer
Waleed Tamimi Chief Supply Officer
Ricardo Santana Chief Finance Officer
Amin Sultan Chief Power Officer
Hisham Al Kooheji Chief Marketing Officer
Fahad Danish Chief Human Resources 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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Khalid Al Rumaihi
Chairman of the Board
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.
VALUES
2025 in review
FINANCIAL HIGHLIGHTS
Revenue from Contracts with Customers
4,313
US$ MILLION 2025: 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
Revenue from Contracts with Customers
72%
2025: 70% | Y-o-Y 2%
Equity Ratio up by 2% YoY owing to the growth in Total Equity
Revenue from Contracts with Customers
130
US$ MILLION 2025: 373 | Y-o-Y (65%)
Cash Payback to Shareholders in the current year (2025) comprises the final tranche of the previous year’s dividend (2023) and interim dividend for 2025
Revenue from Contracts with Customers
939
US$ MILLION2025: 804 | Y-o-Y 17%
EBITDA increase driven by higher LME price & partially offset by higher Alumina price
Revenue from Contracts with Customers
1,103
US$ MILLION2025: 1,399 | Y-o-Y (21%)
Net Debt improved by 21% YoY due to loan servicing
Revenue from Contracts with Customers
5,117
US$ MILLION2025: 4,759 | Y-o-Y 8%
Shareholders' Equity up by 8% YoY driven primarily by higher Retained Earnings
Revenue from Contracts with Customers
491
US$ MILLION2025: 314 | Y-o-Y 56%
Profit up by 56% YoY driven by higher EBITDA
Revenue from Contracts with Customers
1.17x
2025: 1.74xY-o-Y (32%)
Net Debt to EBITDA improved thanks to loan servicing and higher EBITDA
Revenue from Contracts with Customers
569
US$ MILLION2025: 651 | Y-o-Y (13%)
Free-Cash Flow down by 13% YoY impacted by working capital changes and CAPEX
Revenue from Contracts with Customers
28%
US$ MILLION2025: 30% | Y-o-Y (2%)
Leverage Ratio improved by 2% YoY, a direct result of reduced Total Liabilities through diligent loan servicing
CorporateGovernance
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Training Development and Volunterism
Safety & Health (S&H)
Environment, Social and Governance (ESG)
Corporate Social Responsibility (CSR)
Financial Statements
Financial Statements (Download PDF)