Mumtalakat, the Bahrain-based sovereign wealth fund, has posted a net profit of BD45.6 million (US$120 million).
The result marks a return to profit for the state-owned fund following a $1.45 billion net loss in the previous year.
It is also the highest net profit since the firm’s inception.
Mumtalakat also paid dividends of $53.20 million as a contribution to the national budget.
According to the firm, the improvement in results is down to the operational performance of its portfolio companies which recorded a consolidated net profit of $875million, following a consolidated net loss of $1.4 billion the previous year.
The improved performance was led by aluminium smelter Alba which saw a 34% increase in revenue due to higher LME prices.
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