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Mubadala swings to $ 2.3 bln Profit on investment gains

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22 Mar 2010 01:22 PM

Abu Dhabi - Mubadala Development Co., an Abu Dhabi government-backed investor with stakes in Carlyle Group and Ferrari SpA, posted a total comprehensive income of 8.6 billion dirhams ($2.3 billion) last year on investment gains.

Revenue almost doubled to 13.1 billion dirhams and total assets rose 75 percent to 88.5 billion dirhams, Mubadala said in an e-mailed statement today. The main contributors to the revenue were Dolphin Energy Ltd., SR Technics and changes in the valuation of investments in Advanced Micro Devices Inc., Aldar Properties PJSC, and Emirates Integrated Telecommunications Co.

Mubadala reported a loss of 11.8 billion dirhams in 2008, according to the company’s Web site. It didn’t give comparative numbers in today’s statement and the loss was confirmed by Chief Financial Officer Carlos Obeid in a phone interview today.

“We have a robust portfolio of businesses, a solid pipeline of projects, ready access to diverse sources of funding coupled with strong support from our shareholder,” Chief Executive Officer and Managing Director Khaldoon Khalifa Al Mubarak said in the statement. “This puts us in a unique position to realize value and further opportunities in 2010.”

Abu Dhabi, capital of the United Arab Emirates and home to more than 7 percent of the world’s proven crude reserves, is trying to diversify from oil by investing in industries such as real estate, aerospace and entertainment. Mubadala’s investments include an $8 billion joint venture with General Electric Co. in emerging markets, and a stake in AMD, the second-largest maker of personal-computer processors.

Mubadala was one of seven Abu Dhabi companies to have its rating cut by Moody’s Investors Service this month, citing the lack of an “explicit formal agreement” for government support. Mubadala’s rating was slashed to Aa3, the fourth highest investment grade.

Source: Bloomberg

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