Abu Dhabi: Mubadala Investment Company on Thursday announced a profit of Dh10.9 billion for the first half of 2018 driven by strong revenues from public equities and operating companies in the petroleum and petrochemicals platform, the company said on Thursday.
The Abu Dhabi based company also announced a total comprehensive income of Dh10.6 billion for the half year period ending June 30, 2018.
Total assets, including that of Abu Dhabi Investment Council, which became part of Mubadala earlier this year were Dh832 billion at the end of first half of this year. The total equity of the group was Dh583 billion.
“In the first half of the year, we continued to deploy capital in new sectors and geographies, in line with our long-term strategy. We also monetized select assets at good valuations, to deliver financial returns,” said Khaldoon Khalifa Al Mubarak, Group Chief Executive Officer and Managing Director of Mubadala Investment Company in a statement.
“And, the decision to bring the Abu Dhabi Investment Council into the Mubadala Group has increased the scale and breadth of our portfolio.”
Mubadala’s Chief Financial Officer, Carlos Obeid, said: “Leverage remains well-balanced across the portfolio and cash flow is solid.”
Obeid also noted that historically reported figures such as revenue and net operating income are no longer meaningful or indicative of performance for a group as diverse, dynamic and global as Mubadala.
Mubadala Investment Company was created last year with the merger of Mubadala Development Company and International Petroleum Investment Company (IPIC) to create one of the largest sovereign wealth funds in the world.
Compañía Española de Petróleos (Cepsa), which is 100 per cent owned by Mubadala, announced this week to pursue a public offering in Spain.
The company did not provide a profit figure for the same period of last year as Abu Dhabi Investment Council was merged with Mubadala in March this year.