有色金属海外季报：巴林铝业2025Q1铝产量为39.69万吨，实现利润4820万美元

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q1 2025, the net production of primary aluminum was 396,866 tons, a slight decrease of 2% year-on-year, while sales volume reached 374,809 tons, an increase of 3% year-on-year [1] - The average value-added sales volume (VAP) accounted for 71% of total shipments, up 5% year-on-year, with VAP volume at 265,657 tons compared to 252,772 tons in Q1 2024 [1] - The company achieved a profit of 1,810 million Bahraini Dinars (48.2 million USD) in Q1 2025, a decrease of 25.9% compared to 2,450 million Bahraini Dinars (65 million USD) in the same period of 2024 [2] - Total comprehensive income for Q1 2025 was 1,680 million Dinars (44.7 million USD), down 39.4% from 2,770 million Dinars (73.6 million USD) in Q1 2024 [2] - The company's contract revenue was 4.089 billion Dinars (1.08876 billion USD), an increase of 22.2% compared to 3.346 billion Dinars (889.8 million USD) in Q1 2024 [2] - As of March 31, 2025, total equity was 1.9027 billion Dinars (5.0604 billion USD), a decrease of 1.1% from 1.9239 billion Dinars (5.1169 billion USD) at the end of 2024 [3] - The total assets as of March 31, 2025, were 2.7069 billion Dinars (7.1992 billion USD), an increase of 1.25% from 2.6734 billion Dinars (7.11 billion USD) at the end of 2024 [3] - Higher prices on the London Metal Exchange (up 20% year-on-year) and increased premiums (up 38% year-on-year) contributed to strong performance, although rising production costs significantly compressed EBITDA, leading to profit decline [3]