Mumtalakat assets value records continuous growth

Bahrain Mumtalakat Holding Company (Mumtalakat) yesterday released consolidated financial statements for 2018 recording continued growth in the value of its consolidated assets, which rose to US $16.8bn (BD6.3bn). “Despite global economic conditions, Mumtalakat continues to perform consistently year on year.

This reflects the strength and resilience of our investment approach and we are confident that as we implement our strategy, we will continue to grow the wealth of Bahrain in a sustainable way for many generations to come,” said Shaikh Khalid bin Abdulla Al Khalifa, Deputy Premier, Chairman of Mumtalakat. Revenue increased by 38 per cent to US $5.5bn (BD2.064bn) compared to US $4 bn (BD1.497bn).

This was primarily due to the full year impact of the consolidation of McLaren, effective in July 2017, and higher sales at Aluminium Bahrain. Net profits were reported for the sixth consecutive year. Reaching US $148.4m (BD55.8m) in 2018, the reduction in net profits from 2017 in which the US $560.1m (BD210.6m) was generated, was primarily attributed to the varying circumstances of the two fiscal years. Net profit in 2017 included fair value gain on derecognition of associates of US $667m (BD250.8m) while a higher cost of raw materials in 2018 led to a fall in Alba’s net profits.

Share of profits from associates increased by 268pc to the US $147.9m (BD55.6m) in comparison to US $40.2m (BD15.1m) in 2017. Profits from Bahrain Telecommunications Company (Batelco) increased to US $48.7m (BD18.3m) in contrast to the US $2.4m (BD920 thousand) in the previous year. Share of profit from the NBB rose from US $69.9m (BD26.3m) in 2017 to US $80.3m (BD30.2m) in 2018.