Alba CEO says no updates on dual listing on Saudi market

Ali Al-Baqali, CEO of Aluminium Bahrain (Alba)

Ali Al-Baqali, CEO of Aluminium Bahrain (Alba), said there are no updates about the company’s planned dual listing on the Saudi market.

Alba exports products to clients across the Saudi Arabia. Its major clients show that Alba is on the right track, backed by its after-sale services, Al-Baqali told Argaam on the sidelines of the 10th Arab-China Business Conference.

Alba’s products are equally distributed to more than 55 destinations and around 350 clients. Its market share in Bahrain reaches 25%, as the company’s production is directed to manufacturing industries.

The company’s market share ranges between 18% and 20% in Europe, the US, Asia and the Middle East including Saudi Arabia.

Aluminum prices have declined, but steadied between $2,100-2,400, dropping by more than $1,000-1,300 compared to 2022.

Further, the decline in aluminum prices weighed on the company’s profit in Q1 2023, compared to the year-earlier period. Alba’s production volume in the first quarter of the year exceeded its level in 2022.

The company started production in 1971 with a capacity of 120,000 tons. Its capacity jumped over 13x to over 1.6 million tons by the end o2022.

Alba is the world’s largest aluminum smelter outside China and is a leading company in terms of safety, governance and net zero initiatives, the CEO concluded.