Bahrain's sovereign wealth fund Mumtalakat's 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.
(Reporting By Stanley Carvalho, editing by David Evans) ((firstname.lastname@example.org; + 9712 6444431; Reuters Messaging: email@example.com))