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Mumtalakat, Bahrain’s sovereign wealth fund, has announced its highest consolidated net profit since its establishment in 2006.
The fund reported a substantial consolidated net profit of BD363 million for the financial year ending December 31, 2024. This significant achievement underscores the success of the group’s strategic direction and its ongoing commitment to generating sustainable long-term returns.
Key factors contributing to this impressive performance include Mumtalakat’s successful execution of the McLaren Group’s corporate restructuring and its strategic partnership with CYVN Holding (CYVN), following an agreement finalised in December 2024.
The group’s principal associates, National Bank of Bahrain (NBB) and Bahrain Telecommunications Company (Beyon), continued their strong performance. Mumtalakat’s share of profits from NBB and Beyon in 2024 reached BD34.7m and BD25.3m, respectively, slightly up from BD33.5m and BD25.6m in 2023. Additionally, Alba reported a net profit of BD184.5m in 2024, a significant increase compared to BD118m in the previous year.
The robust consolidated financial results are attributed to the strong performance across Mumtalakat’s portfolio, evidenced by an increase in consolidated revenues to BD2.2 billion in 2024, compared to BD2.1bn in 2023. The consolidated profit from continuing operations saw a remarkable rise to BD544m in 2024, a stark contrast to a loss of BD33m in 2023.
Commenting on the exceptional results, Finance and National Economy Minister and Mumtalakat chairman Shaikh Salman bin Khalifa Al Khalifa said: “This has been a year of significant transformation at Mumtalakat, in which Mumtalakat successfully repositioned itself for long-term growth.”
He further added that the steps taken align with the vision of His Majesty King Hamad and the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister. These efforts, he noted, have been crucial in building a strong foundation for sustained progress towards achieving long-term financial returns while supporting Bahrain’s economic development.
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Shaikh Abdulla
Mumtalakat chief executive Shaikh Abdulla bin Khalifa Al Khalifa expressed his satisfaction with the positive outcomes resulting from the company’s efforts over the past year. He reiterated Mumtalakat’s commitment to optimising, enhancing and growing its portfolio to deliver sustainable long-term returns that support the kingdom’s economic objectives and position its portfolio companies for future growth.
Throughout the year, Mumtalakat made significant operational progress in implementing its long-term strategy, aimed at enhancing its contribution to the local economy through diversification and job creation.
Key highlights included the establishment of several partnerships with regional sovereign wealth funds to explore joint investments in sectors such as 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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