Manama : 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 December 31, 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.
Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy and Chairman of Mumtalakat, highlighted that the past year marked a major period of change for Mumtalakat, as it repositioned itself for long-term growth.
He noted that the actions taken reflect the vision of His Majesty King Hamad bin Isa Al Khalifa and the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister. He added that these efforts have laid a solid foundation for achieving sustainable long-term financial returns and supporting the Kingdom of Bahrain’s economic development.
Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat, welcomed the positive results achieved over the past year, reflecting the company’s ongoing efforts. He affirmed Mumtalakat’s continued commitment to optimising, developing, and expanding its portfolio to achieve sustainable long-term returns that align with the Kingdom’s economic goals and support the future growth of its portfolio companies.
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.
