As an institution dedicated to the highest levels of transparency and corporate governance, our financial results are published annually, and our financial statements are prepared in line with International Financial Reporting Standards (IFRS) and audited on an annual basis.
SHARE OF PROFITS OF ASSOCIATES
NET PROFIT BEFORE IMPAIREMENT LOSS
Our focus on revenue enhancement and cost control enabled the group to increase operating income by 211%, reaching USD 332.4 million, compared to USD 106.9 million the previous year. Group revenues grew 11% to USD 6.1 billion, up from USD 5.6 billion in 2018. Mumtalakat’s total assets value reached BHD 7.1 billion (USD 18.9 billion) in 2019.
Gulf Air recorded a 13% increase in revenue from USD 971.0 million in 2018 to USD 1.09 billion in 2019, primarily due to operating new destinations and increasing capacity with the addition of 2 Boeing 787s and 4 Airbus A320Neos to its fleet. Batelco Group grew its net profit by 3% with its launch of the National Broadband Network, BNET. McLaren saw an 18% increase in revenue, reflecting the higher volumes of cars sold.
Despite a challenging year in the commodities market, Aluminium Bahrain (Alba) reported positive results for 2019, with revenues increasing by 13% and sales volume by 33%. Alba also inaugurated its Line 6 Expansion Project this year.
Profit before impairment losses increased by 47% from USD 150 million in 2018 to USD 220.5 million in 2019. The increase was primarily due to a rise in operating revenue and higher fair value gains on investments.