Mumtalakat posts record net profit of $963m for 2024

07/05/2025 01:48 AST

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.

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