Abu Dhabi’s Mubadala back in profit

Abu Dhabi’s Mubadala back in profit

Government investment body, which has stakes in Ferrari and General Electric, sees total revenues rise to $3.6 billion.

March 22, 2010 1:16 by Ben Flanagan

The Mubadala Development Company says it made a profit in 2009, as total revenues almost doubled to AED13.1 billion ($3.6 billion), up from AED6.66 billion in 2008, and total comprehensive income hit AED8.6 billion.

Abu Dhabi’s state-controlled investment body, which has stakes in the likes of Ferrari and General Electric, said it could repeat its 2009 performance this year, after assets grew to AED88.5 billion ($24.10 billion).

Mubadala made a net loss of AED11.76 billion in 2008. It is one of the few state-owned investment vehicles in the Gulf region to publish results.

Mubadala also has shareholdings in semiconductor company AMD, the UAE telco Du, and Abu Dhabi real estate developer Aldar.

In a conference call with investors, Mubadala said that 2009 return on investor capital was 22 percent. The company refused to publicly state the target return on investment for 2010, which it said was determined by the Abu Dhabi government. It also stated it had AED11 billion in undrawn facilities.