Latest news with #Mumtalakat
Zawya
19-05-2025
- Business
- Zawya
Mazad launches online auction for the sale and dismantlement of Riffa Power Station
Manama, Bahrain - Mazad W.L.L, a local portfolio company of Bahrain Mumtalakat Holding Company "Mumtalakat" mandated with overseeing the Kingdom of Bahrain's public and electronic auctions, has announced the launch of an online auction for the sale and dismantlement of the Riffa Power Station (RPS) Phase 1 (Riffa 1) along with its spare parts. The auction, which will be conducted through Mazad's digital platform, offers a unique opportunity for investors and contractors to bid on this significant project. The starting bid for the power station is set at BHD 200,000, while the spare parts have a starting bid of BHD 50,000. Key details of the auction: Auction End Date: Thursday, June 12, 2025, at 12:00 PM Bahrain Time (9:00 AM GMT) Items included: Diesel fuel, Axial Turbine & Compressor, Turbine & Compressor Casing, Combustion Chambers, Burners, Air Intake Filter House with Filters, Generator Inlet Air Filter House & Filters, Gear Box, Turbine Exhaust Ducts, Exhaust Stacks, AC Motors, Compressor Blow-Off Valves, Oil Pumps, Aux Lube Oil Pumps, and more. The successful bidder will be responsible for the complete dismantlement and removal of the power station, including obtaining all necessary permits from the Supreme Council for Environment (SCE), Municipality, and other relevant authorities. The contractor must also ensure compliance with all environmental and safety regulations throughout the project. EWA confirmed that the sale and dismantling of the first phase of the Riffa Power Plant through the electronic auction represents a strategic step in integrating operational efficiency with environmental sustainability. It reflects the Authority's commitment to adopting innovative solutions for asset repurposing in line with the national development goals and Bahrain's Vision 2030. This collaboration between EWA and Mazad falls within a broader framework aimed at enhancing transparency and maximizing the value derived from existing assets. Additionally, through this project, EWA aim to reduce waste and enhance environmental protection, serving as a testament to our dedication to the green transformation and supporting Bahrain's national energy transition plan. Talal Al Araifi, Chief Executive Officer at Mazad, stated, "This auction represents a significant opportunity for investors and contractors in the energy sector. We are committed to ensuring a transparent and competitive process, leveraging our digital platform to reach the widest possible audience of potential buyers at a global level ensuring we contribute to a greener future. " Interested bidders can access comprehensive project information and related documentation through the official website or the Mazad mobile application. For further inquiries or to arrange viewings, please contact +973 17778887 or email support@ Mazad encourages all potential bidders, including overseas companies, to review the comprehensive bidding requirements and submit the necessary documentation as outlined in the auction details. This project aligns with Bahrain's commitment to sustainable development and efficient resource management, offering an opportunity to repurpose valuable assets while adhering to strict environmental and safety standards.
Daily Tribune
11-05-2025
- Business
- Daily Tribune
Gulf Air profit up 53%; routes cut, flights added
Gulf Air recorded a 53 per cent rise in operating profit in 2024, following measures taken to improve performance and review route efficiency. Passenger numbers increased by 5.4 per cent, with the airline flying 6.2 million travellers last year. The figures appeared in a written reply from Minister of Cabinet Affairs, His Excellency Hamad bin Faisal Al Maliki, who oversees Bahrain Mumtalakat Holding Company, in response to a parliamentary question from MP Khalid Buanaq. Mumtalakat confirmed that the financial strategy introduced for the airline is starting to reduce the deficit gradually. Service delivery It also pointed to steps taken to improve service delivery, including network adjustments and fleet expansion. Gulf Air is continuing to work on increasing income and managing expenses. A number of direct routes were resumed or introduced in 2024. The airline now plans to serve 66 destinations within the next three years, and over 100 through partner networks. New aircraft are being added to the fleet in stages to support these plans and meet rising demand. Operating revenue The company's operating revenue reached BD473.515 million in 2023, compared with BD430.664 million in 2022. This marked the highest level since 2012. Operating costs rose to BD 468. 204 million from BD429.154 million. As a result, operating profit increased from BD1.510 million in 2022 to BD5.311 million in 2023. Other income included earnings from affiliated companies, bank interest and the sale of assets. These reached BD6.573 million in 2022 and BD5.523 million in 2023. Finance At the same time, finance costs rose from BD30.180 million in 2022 to BD39.491 million in 2023. Currency exchange charges and related fees stood at BD8.488 million and BD3.856 million respectively. According to Mumtalakat, the airline board is pressing ahead with efforts to raise efficiency and improve competitiveness. Destinations Seven loss-making routes have been cancelled and flights were reduced to seven others. Twelve destinations across the Middle East, East Asia, India and Europe were selected for increased service.
Daily Tribune
07-05-2025
- Business
- Daily Tribune
Mumtalakat posts highest consolidated net profit since inception of BD 363 million
Bahrain Mumtalakat Holding Company, the sovereign wealth fund 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 m, respectively (2023: BD 33.5 m and BD 25.6 m, respectively). Additionally, Alba reported a net profit of BD 184.5 m in 2024, compared to BD 118 m 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 bn in 2023. The consolidated profit from continuing operations rose to BD 544 m in 2024, compared to a loss of BD 33 m in 2023. Commenting on the strong performance, 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.' Shaikh Salman 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.' Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, said: '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.
Daily Tribune
06-05-2025
- Business
- Daily Tribune
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.
Trade Arabia
06-05-2025
- Business
- Trade Arabia
Mumtalakat posts record net profit of $963m for 2024
Bahrain Mumtalakat Holding Company (Mumtalakat), the sovereign wealth fund of Bahrain, has announced its highest consolidated net profit since its inception in 2006, reporting a consolidated net profit of BD363 million ($963.1 million) for the year ended December 31, 2024. The result reflects the group's successful strategy and ongoing efforts to achieve long-term sustainable returns, a statement said. 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 BD34.7 million and BD25.3 million, respectively (2023: BD33.5 million and BD25.6 million, respectively). Additionally, Alba reported a net profit of BD184.5 million in 2024, compared to BD118 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 BD2.2 billion in 2024, up from BD2.1 billion in 2023. The consolidated profit from continuing operations rose to BD544 million in 2024, compared to a loss of BD33 million in 2023. 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.' He 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.' 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. - TradeArabia News Service
