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INVESTMENTS INCOME UP

Mubadala profit up 12.4pc; revenues hit $9.3bn

ABU DHABI, March 31, 2016

Mubadala Development Company (Mubadala), th$9.3bne Abu Dhabi-based investment and development company, posted a 12.4 percent rise in 2015 profit, aided by higher income from investments and a one-off gain.

Unlisted Mubadala is among the few state-controlled firms of Abu Dhabi to publish results. It has stakes in General Electric and private equity firm Carlyle, among others, and interests including energy and aerospace.

Mubadala made a net profit of Dh1.16 billion ($315.8 million) in 2015, up from Dh1.04 billion in the previous year, the company said in a statement.

Total comprehensive income, which comprises all forms of income, fell to a loss of Dh1.32 billion in 2015, compared with a loss of Dh190.8 million in 2014.

Mubadala added that it had received instructions from its shareholder to convert interest-free loans previously provided to it worth Dh18.37 billion into equity.

The company posted revenues of Dh34.1 billion ($9.3 billion) compared to Dh32.7 billion in 2014.

The company attributed the increase primarily to higher semiconductor, information & communications technology, healthcare and real estate & infrastructure related revenues.

Operating income was Dh2 billion compared to Dh4.3 billion in 2014, driven primarily by higher cost of sales of goods and services during the period.

Total assets were Dh246.4 billion as at the end of 2015 compared to Dh243.6 billion as at the end of 2014.

Group CEO and managing director, Khaldoon Khalifa Al Mubarak, said: “Mubadala managed through the significant macroeconomic volatility of 2015 to mark moderate increases in revenue and profit. In addition, we achieved a number of major milestones for Abu Dhabi, including the opening of Cleveland Clinic Abu Dhabi, the continued development of Al Maryah Island, and strengthening our base in key global industries such as aerospace and information technology.”

“We remain resolutely focused on prudent cash management and cost control, as well as active oversight of our assets, in order for us to navigate the anticipated challenging market conditions of 2016 and beyond,” he added.

Mubadala Group CFO, Carlos Obeid, said: “Good operational results across all our global business platforms coupled with our stable financial performance in a challenging and volatile market underlines the benefits of Mubadala’s diversified portfolio.”

“We continue to closely manage our portfolio, pursue monetization opportunities for our mature assets and make targeted investments that advance our four business platforms,” he added. – Reuters & TradeArabia News Service




Tags: Mubadala | profit | 2015 revenue |

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