ABU DHABI (AFP) – Abu Dhabi’s Mubadala Development Co., a stakeholder in luxury carmaker Ferrari, swung back to profit in 2009 as value of investments rebounded, posting Monday a 1.3 billion dollar profit.
The government-owned company posted 4.79 billion dirhams (1.3 billion dollars) in profit attributable to equity holders, compared to a loss of 11.44 (3.1 billion dollars) registered in 2008, according to an audited financial statement posted on the company’s website.
Mubadala, which operates as one of the investment arms of Abu Dhabi, said its comprehensive income rose to 8.6 billion dirhams (2.34 billion dollars) last year compared to a net loss exceeding three billion dollars in 2008.
Mubadala attributed the rise in income to a substantial increase in revenue which almost doubled to 13.1 billion dirhams (3.57 billion dollars) and a rise in the value of its investments.
The company cited the Dolphin Energy project, which brings natural gas from Qatar, to be the main contributor to its income, in addition to its holdings in SR Technics, AMD, DU telecoms and Aldar real estate company.
Mubadala also holds a stake in General Electric.
“Despite a challenging global economic environment, Mubadala has performed well both financially and operationally, making significant progress on a number of landmark projects,” CEO Khaldoon Khalifa al-Mubarak said.
“In 2009, we focused on improving financial and operational discipline, transparency and governance to both support and enable our continued growth,” he said.
“This puts us in a unique position to realise value and further opportunities in 2010.”
Mubadala total assets increased by 75 percent to 88.5 billion dirhams (24.1 billion dollars), while its total equity rose by 56 percent to 48.9 billion dirhams (13.3 billion dollars).
It was established in 2002 with the aim of diversifying the emirate’s economy which remains heavily dependent on oil.