Abu Dhabi: The Abu Dhabi government-owned Mubadala Development Company, which makes strategic investments on behalf of the government, said yesterday its total comprehensive income during the first half of this financial year attributable to the equity holder of the company was Dh198 million compared with a loss of Dh4.4 billion for the same period last year.
"This increase was driven by the improved performance of assets such as EMAL and Dolphin and a better result from Mubadala's financial investment portfolio," Mubadala said in a statement.
Diversification
"Mubadala will continue to deliver against its mandate, which is to drive Abu Dhabi's economic diversification. There will be more investments down the line in our stategic investment portfolio," a source familiar with developments at Mubadala told Gulf News.
Mubadala's revenues increased 70 per cent on year in the six months ended in June to Dh13.6 billion, primarily due to consolidation of the global semiconductor business, the Advanced Technology Investment Company (ATIC), into the Mubadala Group.
The strong performance of its oil and gas businesses and the consolidation of Tabreed also contributed to the growth in revenue.
Continued focus
Mubadala said the value of its total assets increased 67 per cent on year in the first half of 2011 to Dh169.7 billion due the consolidation of new business lines and additional contributions from the government of Abu Dhabi.
"The first half of 2011 saw a clear and continued focus on the delivery of our unique mandate. The consolidation of ATIC adds further diversification to our revenues and underlines Mubadala's strategic intent to create globally competitive industry platforms that both accelerate the development of Abu Dhabi's economy and deliver socio-economic benefits to its citizens," said Khaldoun Khalifa Al Mubarak, Mubadala's chief executive, commenting on the company's performance.
