Abu Dhabi state fund Mubadala posts H1 profit of $2.97bn
Now Reading
Abu Dhabi state fund Mubadala posts H1 profit of $2.97bn

Abu Dhabi state fund Mubadala posts H1 profit of $2.97bn

Abu Dhabi Investment Council (ADIC) was merged with Mubadala in March this year

Avatar

Abu Dhabi state fund Mubadala Investment Company made a first half group profit of Dhs10.9bn ($2.97bn), boosted by the sale of part of its stake in BP and the solid performance of other stocks in its portfolio.

The company did not provide a comparative profit figure for the same period last year as Abu Dhabi Investment Council (ADIC) was merged with Mubadala in March this year.

Read more: Abu Dhabi to combine sovereign funds creating $250bn behemoth

Unlisted Mubadala, which has stakes in General Electric and private equity firm Carlyle Group announced a net profit of Dhs4.2bn for the first half of 2017. Total assets of Mubadala, including consolidated ADIC holdings, were Dhs832bn for the period ending June 30, Mubadala said in a statement on Thursday.

Mubadala continued to invest in new sectors and geographies in the first half of this year, Khaldoon Khalifa al-Mubarak, group chief executive and managing director, said in the statement. “We also monetised select assets at good valuations, to deliver financial returns. And, the decision to bring the Abu Dhabi Investment Council into the Mubadala Group has increased the scale and breadth of our portfolio.”

The company made over Dhs1bn from the sale of some of its stake in BP. A jump in the stock prices of some companies, such as AMD where Mubadala holds a stake, also helped boost profit.

This week Mubadala announced it was selling a 25 per cent stake in Spanish energy company Cepsa in an initial public offering on the Spanish stock exchange in the fourth quarter of 2018.

Mubadala, which has committed $15bn to the Softbank Vision Fund, plans to launch a $400m fund to invest in leading European technology companies.


© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top