Mumtalakat Reports Highest Consolidated Net Profit since Inception of BD 363 million
Bahrain Mumtalakat Holding Company ("Mumtalakat", 'the Group'), the sovereign wealth fund of the Kingdom of Bahrain, has announced its highest consolidated net profit since its inception in 2006, reporting a consolidated net profit of BD 363 million for the year ended 31 December 2024, reflecting the Group's successful strategy and ongoing efforts to achieve long-term sustainable returns.
Contributing to these results was Mumtalakat's successful execution of McLaren Group's corporate restructuring, and its partnership with CYVN Holding (CYVN), following the strategic agreement signed in December 2024.
The Group's principal associates, National Bank of Bahrain (NBB) and Bahrain Telecommunications Company (Beyon) continued to report strong results. The Group's share of profits from NBB and Beyon in 2024 amounted to BD 34.7 million and BD 25.3 million, respectively (2023: BD 33.5 million and BD 25.6 million, respectively). Additionally, Alba reported a net profit of BD 184.5 million in 2024, compared to BD 118 million in 2023.
The Group's consolidated financial results are attributed to the strong performance of its portfolio, as evidenced by an increase in consolidated revenues, which reached BD 2.2 billion in 2024, up from BD 2.1 billion in 2023. The consolidated profit from continuing operations rose to BD 544 million in 2024, compared to a loss of BD 33 million in 2023.
Commenting on the strong performance, His Excellency Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy and Chairman of Mumtalakat said: "This has been a year of significant transformation at Mumtalakat, in which Mumtalakat successfully repositioned itself for long-term growth.'
His Excellency added: 'The steps taken reflect the vision of His Majesty King Hamad bin Isa Al Khalifa, as well as the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister. These efforts have contributed to building a strong foundation for continued progress towards achieving long-term sustainable financial returns, while also supporting the economic development of the Kingdom of Bahrain.'
His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, said: 'We are pleased to see the outcome of Mumtalakat's efforts over the past year through these positive results. We remain committed to optimising, enhancing and growing our portfolio, to deliver sustainable long-term returns that support the Kingdom's economic objectives and position our portfolio companies for future growth.'
During the year, Mumtalakat achieved considerable operational progress in implementing its long-term strategy, which aims to enhance its contribution to the local economy through diversification and job creation. Among the key highlights were several partnerships established with regional sovereign wealth funds to explore mutual investments in sectors including green energy and healthcare, as well as the launch of new initiatives and investments in the technology, agricultural, financial, and healthcare sectors.
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