Mubadala Investment Company Swings to Profit in H1 2017
Mubadala Investment Company swung to a profit of Dh4.2 billion in the first half of 2017 compared to a loss of Dh4.7 billion during the same period last year due to strong performance of the company.
Revenues were Dh83.4 billion in the first half of this year, compared to Dh72.9 billion for the same period in 2016 due to strong performance and higher revenues across Mubadala’s four investment platforms, with the primary drivers being the upstream and integrated oil and gas, semiconductors, and aerospace sectors.
“The results from the first half of 2017 reflect the strength and scale of Mubadala Investment Company’s diversified global portfolio and robust balance sheet. We will continue to integrate, optimize and grow the company’s assets under our global business platforms, to create and realize maximum financial and strategic returns to support diversification of the economy of Abu Dhabi and the country,” said Group Chief Executive Officer and Managing Director, Khaldoon Khalifa Al Mubarak.
The results incorporate Mubadala Development Company and International Petroleum Investment Company which were merged earlier this year to help accelerate Abu Dhabi and UAE’s economic diversification.
Total comprehensive income was Dh6.8 billion against a loss of Dh5.4 billion for the same period in 2016, led by improved operating income, gains from financial investments and favorable currency movements, the company said on Thursday.
Source: Gulf News
Mubadala Development Company
Mubadala is a global investment company with a mandate to create sustainable financial returns, furthering our shareholder's strategic objective of a globally integrated and diversified economy.
Buy credits to publish your articles on Al Bawaba Biz here