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ABU DHABI, June 2 (Reuters) – Mumtalakat net profit, a Bahraini sovereign wealth fund, fell 73.5 percent in 2018, according to a statement released on Sunday. The fund, which holds stakes in Bahraini companies, including Aluminum Bahrain (Alba) and telecommunication company Batelco, posted net income of $ 148.4 million in 2018, compared to $ 560.1 million for the same period last year. 39, previous year.
"The 2017 net income included a fair value gain on the derecognition of badociated businesses of $ 667 million while a higher commodity cost in 2018 had resulted in a decline in Alba's earnings," the statement said, without giving further details.
Mumtalakat's sales reached $ 5.5 billion in 2018, up 38% from the previous year, due to the impact of McLaren's full year consolidation and increased sales of Alba, he added.
Total badets of the state investor reached $ 16.8 billion in 2018, up from $ 15.4 billion in 2017.
The state-owned fund has more than 60 companies in its portfolio and has committed $ 181 million in 2018 to local and international investments, the statement said, adding that capital spending at major local businesses is expected to increase. amounted to $ 1.7 billion in 2018, up 9% from 2017. (Reporting By Stanley Carvalho, edited by David Evans)
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