Tuesday 19 March 2024
 
»
 
»
Story

Emirates Global Aluminium was formally incorporated
as a stand-alone business, with a total annual production
of 2.4 million tons.

Mubadala 2014 profit plunges 28pc

ABU DHABI, April 2, 2015

Mubadala, an Abu Dhabi state-owned fund, today said its 2014 net profit dropped 28.7 per cent due to lower income from financial investments and impairments on oil and gas assets.

The fund said in a statement it made a net profit of Dh1.04 billion ($283.2 million) in 2014, down from Dh1.45 billion in the previous year.

One of Abu Dhabi's few state-controlled vehicles to publish results, Mubadala has interests in semiconductors, energy, aerospace and real estate among others, including General Electric and private equity firm Carlyle.

Income from financial investments fell to Dh1.28 billion in 2014 from Dh3.36 billion the previous year, while Mubadala's oil and gas provisions were worth Dh1.88 billion and came from joint venture blocks in the Middle East, Central and South East Asia, according to its statement.

Energy firms around the world have been booking impairments on assets because of the significant slide in oil prices in the second half of 2014. Abu Dhabi National Energy Co (Taqa), a fellow state-owned company, reported a big fourth-quarter loss on Wednesday due to such a provision.

Total comprehensive income also dropped heavily due to the revaluation of its financial investments portfolio, according to the statement, swinging to a loss of Dh190.8 million compared to income of Dh5.28 billion in 2013.

The fall in financial investment income and the impairments in oil and gas overshadowed a 5.3 percent increase in total revenue, which rose to Dh32.7 billion in 2014.

Mubadala's total assets grew to Dh243.6 billion at the end of 2014, up from Dh223.8 billion in the prior year, aided by a further equity injection worth Dh18.37 billion from the Abu Dhabi government.

 “Mubadala’s 2014 financial results reflect a resilient operating performance with one billion dirhams of profit, revenues increasing across all four of our global platforms and operating income more than doubling compared to last year,” said Khaldoon Khalifa Al Mubarak, Mubadala Group CEO and managing director.

“Our delivery of major priorities - including Cleveland Clinic Abu Dhabi, Emirates Global Aluminium, and Al Maryah Island, the home of Abu Dhabi Global Market - furthers the emirate’s economic vision of greater diversification and opportunity,” he added. – TradeArabia News Service & Reuters




Tags: Mubadala | Net Profit | 2014 | investment income |

More Industry, Logistics & Shipping Stories

calendarCalendar of Events

Ads