By Staff writer
Sovereign wealth fund says increase comes despite hit to revenues of Alba and Gulf Air in 2016
Bahrain's sovereign wealth fund Mumtalakat on Wednesday reported a 140 percent rise in 2016 net profit.
Net profit in 2016 was BD68.9 million ($182.69 million), up from BD28.7 million dinars in the previous year.
Mumtalakat chairman Shaikh Khalid bin Abdulla Al Khalifa said: “Despite global macroeconomic uncertainty, Mumtalakat reported strong profits for the fourth consecutive year. Our strong results in 2016 are a testament to the strength of our investment strategy and ability to mitigate challenges.”
Mumtalakat’s CEO, Mahmood Hashim Alkooheji, added: “Mumtalakat’s sound performance, year after year, is a reflection of the strength of its approach. We’re confident that this sustained accomplishment allows Mumtalakat to enhance its support of sustainable national development, spearheaded by the Government of Bahrain, through its continued management of the companies within its portfolio.”
In 2016, Mumtalakat said it successfully concluded five international investments across the manufacturing, healthcare, and real estate sectors.
The financial results came despite some losses in revenue by two leading national subsidiaries - Alba sales revenue decreased due to lower London Metal Exchange (LME) prices for aluminium while an increase was seen in operating losses for Gulf Air.