Mubadala CEO Khaldoon Al Mubarak Image Credit: Abdul Rahman/Gulf News archive

ABU DHABI: Abu Dhabi's state-owned Mubadala Development Co, which is merging with fellow Abu Dhabi-owned International Petroleum Investment Company (IPIC), said on Thursday its net profit nearly tripled in 2016.

Mubadala, which is focused on developing Abu Dhabi's economy through local companies such as clean energy firm Masdar and stakes in international players such as General Electric, is among the few state-controlled firms to publish results.

The company reported a net profit of Dh3.3 billion ($899 million) for 2016, compared to a net profit of Dh1.2 billion  in 2015.

Its total comprehensive income, which comprises all forms of income, was Dh4.1 billion in 2016, recovering from a negative Dh1.3 billion in 2015 when the market value of some assets fell.

Its revenues grew to Dh31.5 billion in 2016 from Dh29.7 billion in the previous year, while income from financial investments — the main driver of its profit — totalled Dh5.4 billion in 2016 versus Dh3.4 billion in 2015.

"It has been a strong year for Mubadala in terms of profits and revenue growth and managing our leverage," Khaldoon Al-Mubarak, chief executive & managing director told Reuters.

"We reduced our leverage from 14 percent in 2015 to 11.2 percent end of 2016," he added.

Mubadala's merger with IPIC is due to be fully completed in May and the combined group will have assets of about $125 billion.