Profit at Abu Dhabi’s Mubadala climbs 12.4%

Abu Dhabi investment fund Mubadala today reported a 12.4 per cent increase in profit for 2015, thanks to higher income from investments.

The company’s profit increased from Dhs 1.04bn in 2014 to Dhs 1.16bn last year.

Revenue also increased 4 per cent, from Dhs 32.7bn to Dhs 34.1bn, due to higher semiconductor, ICT, healthcare, real estate and infrastructure related revenues.

However, Mubadala’s total comprehensive income fell to a loss of Dhs 1.32bn last year compared to a loss of Dhs 190.8m in 2014.

“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,” said group CEO and managing director, Khaldoon Khalifa Al Mubarak.

The company said it had received instructions to convert interest-free loans provided to it worth Dhs 18.37bn into equity.

“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,” Al Mubarak said.