Mubadala operating income up

Mubadala Investment Company on Sunday said operating income increased -per cent to Dh10.7 billion last year as compared to Dh9.6 billion in the previous year, helped by petrochemical and aluminium manufacturing assets.

The state-owned fund said its revenues increased to Dh165.5 billion last year from Dh145.4 billion in the previous year, driven by the strong performance of all four global platforms, with major contributions from upstream and integrated, petrochemicals and the semiconductor business sectors.

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The sovereign wealth fund didn't disclose its net profits but a Mubadala spokesperson told Reuters that its net profit attributable to shareholders in 2017 was Dh4.9 billion, the same as in the previous year.

Total comprehensive income more than doubled to Dh10.3 billion in 2017 from Dh5.1 billion in the previous year due to gains from divestments of mature assets and increase in value of financial holdings.

"In 2017, we made significant progress by reducing overall leverage while maintaining appropriate liquidity to deploy capital in new investments. In addition, we took the opportunity to monetise some of our mature assets which provided a significant return on our original investments, in line with our mandate to deliver financial returns to our shareholder," said Carlos Obeid, chief financial officer, Mubadala Investment Co.

Total assets were Dh469.4 billion at the end of 2017 compared to Dh449.7 billion at the end of 2016, an increase of 4.4 per cent. Total equity was Dh258 billion at the end of 2017 compared to Dh228.3 billion at the end of 2016, up 13 per cent.

Abu Dhabi-based fund said its cash and cash equivalents fell to Dh29.9 billion at the end of 2017 compared to Dh33.8 billion at the end of 2016.

"The scale of our integrated portfolio enabled us to increase investments in existing companies and monetise mature assets, while entering new sectors in key international markets where we see long-term growth potential and alignment with Abu Dhabi's strategic priorities," said Khaldoon Khalifa Al Mubarak, group CEO and managing director, Mubadala.

- waheedabbas@khaleejtimes.com