Montelukast, the sovereign wealth fund of Bahrain, has reported a growth in revenues from USD5.6 billion to USD6.1 billion (BHD2.1 billion to BHD2.3 billion).
Mumtalakat revealed Monday fiscal results of last year, saying that they reflected the strong operating and financial performance.
Operating income for the full-year climbed to BHD125 million (USD332.4 million), an increase of 211 percent, compared to 2018 when it was BHD40.2 million (USD106.9 million), the company said in a statement.
Revenue rose 11 percent year-on-year, totaling BHD2.3 billion (USD6.1 billion) compared to BHD2.1 billion (USD5.6 billion) in 2018.
“Despite the challenging global and regional economic environment, Mumtalakat has exhibited resilience and growth as it continues to play a vital role in the local economy supported by the group’s solid financial and operational performance,” Khalid bin Abdulla Al Khalifa, Bahrain’s deputy prime minister and chairman of Mumtalakat, said.
“During 2019 Mumtalakat secured new investments and continued to work with its portfolio companies to focus on revenue enhancement and cost control which has contributed to a significant increase in operating income," Khalid Al Rumaihi, Mumtalakat chief executive said.
"This is in line with Mumtalakat’s ongoing efforts to maintain a balanced, diversified, and sustainable portfolio,” he added.
