Bahrain’s Mumtalakat reports highest ever net profit
Bahrain’s sovereign wealth fund Mumtalakat has reported its highest ever net profit since it commenced operations in 2006.
The fund’s consolidated net profit stood at 363 million Bahraini dinars ($965 million) in 2024, versus a net loss of 497 million Bahraini dinars ($1.3 trillion) the year before.
"This has been a year of significant transformation, in which Mumtalakat successfully repositioned itself for long-term growth,” said Mumtalakat chairman Shaikh Salman bin Khalifa Al Khalifa.
The restructuring of McLaren Group and the fund’s partnership with Abu Dhabi-based investment vehicle CYVN Holding, contributed to its bottom line.
The group's share of profits from National Bank of Bahrain rose from 33.5 million Bahraini dinars in 2023 to 34.7 million Bahraini dinars last year.
Bahrain Telecommunications Company reported 25.3 million Bahraini dinars in net profit last year, dipping nominally from 25.6 million Bahraini dinars recorded in 2023.
Aluminium Bahrain (Alba) reported a net profit of 184.5 million Bahraini dinars in 2024, compared to 118 million Bahraini dinars in 2023.
CEO Shaikh Abdulla bin Khalifa Al Khalifa said that the fund remains committed to optimising, enhancing and growing its portfolio, to deliver sustainable long-term returns that support the kingdom’s economic objectives.
Consolidated revenues rose marginally from 2.1 billion Bahraini dinars in 2023 to 2.2 billion Bahraini dinars last year. Meanwhile, consolidated profit from continuing operations scaled to 544 million Bahraini dinars in 2024, versus a loss of 33 million Bahraini dinars the year before.
Mumtalakat holds stakes in over 50 companies across financial services, telecommunications, real estate, logistics, consumer products, healthcare and education.
Mumtalakat’s assets under management (AuM) total $18 billion, trailing other biggest SWFs in the region, such as UAE’s Abu Dhabi Investment Authority (AuM: $1.1 trillion) and Saudi Arabia’s Public Investment Fund (AuM: $925 billion).
The kingdom recorded a 2.6% growth in gross domestic product last year, fuelled by the non-oil sector which grew 3.8%.
