Abu Dhabi: Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, on Thursday reported a 12 per cent increase in its 2012 revenues, effecting net profits of Dh455 million compared to a loss of Dh3.2 billion in 2011.

“2012 was another significant year, both at home and abroad, and we continue to help foster economic development and create sustainable, high-skilled jobs and career opportunities for UAE Nationals,” Mubadala spokesperson told Gulf News, declining to be named.

Mubadala revenues increased 12 per cent to Dh31.3 billion compared to Dh 27.9 billion in 2011, due to revenue contributions from Global Foundries, Mubadala Petroleum, Mubadala Aerospace and the satellite communications business, Yahsat, said the spokesperson.

As Mubadala continues its pivotal role for Abu Dhabi as a global platform through diversification strategies in line with 2030, it has managed to offset its losses in 2011 and make remarkable profits through a portfolio of investments in various projects.

Wadah Al Taha, chief analyst and economist at Zarouni Group, told Gulf News that the positive results this year can be attributed to three main pillars.

“The first is the diversificaiton of investments in some portfolios, the support of the Abu Dhabi government for certain investments to create integrated portfolios with other sovereign funds and the social contribution to develop the UAE community through Emiratisation to add value by appointing Emiratis at senior positions,” said Al Taha.

He added that the total profits stood at Dh1.4 billion in 2012 resulting from these investments.

The company seconded Al Taha’s statement saying: “It had invested in communications through launching Yahsat Y1B in 2012, investing in health care by establishing the Emirate’s second Imperial College London Diabetes Centre in Al Ain, delivering the first shipment of A330 ailerons to Airbus whose parts are made by Strata Manufacturing in Al Ain while Strata had another agreement with Boeing for other parts.”.

Total assets increased by 15 per cent to Dh202.8 billion in 2012 compared to Dh177.1 billion in 2011, according to the statement.

The company said that it continues to catalyse new centres of excellence to further Abu Dhabi’s position as a global leader in key sectors.

Khaldoon Khalifa Al Mubarak, CEO and Managing Director of Mubadala, commented on the full-year financial statements for 2012, saying: “Our 2012 financial performance is a reflection of how we manage our portfolio, with certain key assets and projects reaching further maturity and improved market conditions positively impacting the value of many of our financial investments.”

Al Mubarak said: “Looking ahead, we remain resolutely focused on building our globally integrated business, creating further opportunities for current and future generations and helping realise Abu Dhabi’s ambition of becoming a diversified and innovation-driven economy.”