Manama: Mumtalakat Holding Company, the sovereign wealth fund of the Kingdom of Bahrain, has announced its record consolidated net profit of BD 363 million for the year ending December 31, 2024. This milestone marks the highest net profit since the fund's inception in 2006 and showcases Mumtalakat's successful strategy and commitment to achieving sustainable long-term returns.
According to Bahrain News Agency, Mumtalakat's impressive financial results were bolstered by the successful corporate restructuring of the McLaren Group and a strategic partnership with CYVN Holding. These efforts were part of a broader strategy to enhance the Group's investment portfolio and secure long-term growth.
The Group's principal associates, the National Bank of Bahrain (NBB) and Bahrain Telecommunications Company (Beyon), also contributed to the positive financial performance. Mumtalakat's share of profits from NBB and Beyon in 2024 reached BD 34.7 million and BD 25.3 million, respectively. Alba, another key contributor, reported a significant net profit increase to BD 184.5 million in 2024, up from BD 118 million in 2023.
The Group's consolidated revenues rose to BD 2.2 billion in 2024, an increase from BD 2.1 billion in the previous year. Consolidated profits from continuing operations experienced a remarkable turnaround, climbing to BD 544 million from a loss of BD 33 million in 2023.
Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy and Chairman of Mumtalakat, emphasized the transformative year for the Group, aligning with the vision of His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa. These strategic actions have laid the groundwork for sustainable financial returns and economic development in Bahrain.
Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat, expressed satisfaction with the year's positive results, reaffirming the company's dedication to optimizing and expanding its portfolio. This approach aligns with Bahrain's economic objectives and aims to support future growth across the Group's portfolio companies.
Mumtalakat made significant headway in implementing its long-term strategy by diversifying its investment portfolio. The Group established partnerships with regional sovereign wealth funds to explore investments in sectors such as green energy and healthcare. Additionally, new initiatives in technology, agriculture, finance, and healthcare were launched, demonstrating Mumtalakat's commitment to contributing to the local economy through diversification and job creation.