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Bahrain's Mumtalakat Revenues Rise to USD6.1 Billion

Bahrain's Mumtalakat Revenues Rise to USD6.1 Billion
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Bahrain's Mumtalakat Revenues Rise to USD6.1 Billion

Bahrain's Mumtalakat Revenues Rise to USD6.1 Billion

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.

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Putin, Al-Sudani Discuss OPEC+ Coordination on Oil Price Stability

Russian President Vladimir Putin
Russian President Vladimir Putin
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Putin, Al-Sudani Discuss OPEC+ Coordination on Oil Price Stability

Russian President Vladimir Putin
Russian President Vladimir Putin

Russian President Vladimir Putin and Iraqi Prime Minister Mohammed Shia al-Sudani on Thursday discussed the importance of coordination between OPEC and OPEC+ members on oil price stability in a manner that guarantees fair prices for exporters and consumers.

Putin held a phone call with al-Sudani during which they discussed the OPEC+ oil agreement and the situation in the Middle East, the Kremlin said.

The telephone conversation came days prior to an OPEC+ key meeting expected early next month.

Reuters said that OPEC+ may push back output increases again when it meets on Dec. 1 due to weak global oil demand, according to three OPEC+ sources familiar with the discussions. Ministers last shelved the increase for a month when they met virtually on Nov. 3.

In a statement, the Kremlin on Thursday said Putin and Al-Sudani touched upon various aspects of coordination as part of OPEC+, a format that helps maintain stability in the global oil market, and reaffirmed the importance of continuing to coordinate steps in this format.

The Middle East issues were also mentioned in light of the unprecedented escalation of tensions in the region, it added.

The parties also agreed on further contacts at various levels, the statement said.

Later, Al-Sudani’s office said the phone call touched on energy-related matters, highlighting the importance of coordination among all concerned countries within OPEC and the OPEC+ group to stabilize oil and gas prices, ensuring fair pricing for both producers and consumers.