June 2, 2019 / 1:11 PM / 6 months ago

Bahrain wealth fund Mumtalakat's 2018 profit tumbles

ABU DHABI, June 2 (Reuters) - Bahrain’s sovereign wealth fund Mumtalakat’s 2018 net profit tumbled 73.5%, it said in a statement on Sunday. The fund which holds stakes in Bahraini companies including Aluminium Bahrain (Alba) and telecoms company Batelco made a net profit of $148.4 million in 2018 compared to $560.1 million in the previous year.

“Net profit in 2017 included fair value gain on de-recognition of associates of $667 million while a higher cost of raw materials in 2018 led to a fall in Alba’s profits,” the statement said, without giving further details.

Mumtalakat’s revenue totalled $5.5 billion in 2018, up 38% over the previous year due to the full year impact of the consolidation of McLaren and higher sales at Alba, it said.

Total assets of the state investor grew to $16.8 billion in 2018 from $15.4 billion in 2017.

The state fund has over 60 companies in its portfolio and committed $181 million in 2018 to local and international investments, the statement said, adding that capital expenditure in key local companies totalled $1.7 billion in 2018, up 9 percent over 2017. (Reporting By Stanley Carvalho, editing by David Evans)

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