#Bahrain wealth fund Mumtalakat's 2018 profit tumbles - Reuters

Bahrain wealth fund Mumtalakat's 2018 profit tumbles - 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.