Q2 & H1 2020 Financial Performance

World consumption up by 5% year-on-year (YoY) while world production up by 7% YoY. Asian demand rose by 7% YoY supported by the Chinese consumption (9% YoY). MENA demand remains strong (6% YoY) driven by infrastructure spending in Saudi Arabia and Qatar. Prospects for the demand in North America continues to be good (3% YoY) due to the growth in the transport and construction sectors. Europe consumption remains stable (1% YoY) and is mainly denominated by the transport sector.

With regards to the First Half of 2020, Alba has reported a Loss of BD10.6 million (US$28.3 million), down by 44% YoY versus a Loss of BD19.1 million (US$50.9 million) for the same period in 2019. For the First Half of 2020, Alba reported Basic and Diluted Loss per Share of fils 8 versus Basic and Diluted Loss per Share of fils 14 for the same period in 2019. Alba’s Total Comprehensive Loss for H1 2020 was BD19.8 million (US$52.7 million), up by 4% YoY, compared to a Total Comprehensive Loss of BD19.1million (US$50.9 million) in H1 2019. Gross Profit for the First Half months of 2020 was BD55.2 million (US$146.8 million) versus BD16.2 million (US$43.2 million) in H1 2019 – up by 241% YoY.

Total Equity as at 30 June 2020 stood at BD1,057.1 million (US$ 2,811.5 million), down by 2%, versus BD1,078.6 million (US$2,868.6 million) as at 31 December 2019. Alba’s Total Assets as at 30 June 2020 topped BD2,380.7 million (US$6,331.7 million) versus BD2,420.2 million (US$6,436.8 million) as at 31 December 2019 - down by 2%.

With regards to the Revenue from Contracts with Customers in the second quarter of 2020, Alba generated BD244 million (US$649 million) versus BD245 million (US$651.8 million) in Q2 2019 - down by 0.4% YoY. For the First Half of 2020, total Revenue from Contracts with Customers reached BD519.9 million (US$1,382.9 million), up by 16% YoY, compared to BD448.6 million (US$1,193 million) for the same period in 2019.

Alba’s top-line was driven in the second quarter of 2020 by higher metal Sales’ volume thanks to Line 6 and impacted by lower LME price [down by 17% Year-over-Year (US$ 1,494/t in Q2 2020 versus US$ 1,793/t in Q2 2019)] while the bottom-line was impacted by higher depreciation and financial charges.

Q2 2020 Alba Highlights

Achieved on 29 June 2020: 23 million working-hours w/o LTIs for the first time in Alba’s commercial operations.

7-year winning streak with Gold Medal Health & Safety Award from the Royal Society for the Prevention of Accidents (RoSPA).

Alba was honoured with British Safety Council’s International Safety Award with Merit – 2020.

Successful set-up of the Fish Farm at Alba Calciner & Marine Operations.

Sales’ volume topped 390,750 metric tonnes (MT) - up by 25% YoY while Production reached 378,558 MT - up by 24% YoY.

Value Added Sales averaged 34% of the total shipments.

Titan – Phase IV achieved savings were US$74 million against 2020 Target of US$100 million.

Release of 2019 Sustainability Report (4th edition).

Spent Pot Lining (SPL) Treatment Plant in progress (overall progress exceeded 21%).

2020 Alba Priorities

Continued Focus on ‘Safety Globe’ Initiative. Keep our People (Employees & Contractors) Safe Amidst Novel COVID-19.

To achieve 2020 Production Target of 1,540,000 MT.

Deliver on Project Titan - Phase IV [Projected Savings of US$ 100 Million by 2020-end].

Screen for Upstream Opportunities to Secure Alumina requirements.

Obtain Value-Added Sales’ Qualification with Aluminium Stewardship Initiative (ASI) and Ecovadis certifications.

Complete SPL Treatment Plant and Port Upgrade as per Timeline.