São Paulo – Mubadala, the Abu Dhabi-based state-owned investment company, has announced this Thursday (17th) that it posted a net profit of 1.45 billion dirhams (US$ 395.5 million) in 2013, a more than threefold increase from 470 million dirhams (US$ 128 million) in 2012. The company holds stakes in various businesses in the Emirates and several other countries, including Brazil.
According to a press release issued by the company, the group posted 31.1 billion dirhams (US$ 8.5 billion) in revenues in 2013, up 1% from 2012.
As per the company’s statements, the higher net profit was mostly a result of increased returns on financial investments. The Reuters news agency reports that said returns amounted to 3.36 billion dirhams (US$ 915 million) in 2013, as against losses of 1.39 billion dirhams (US$ 378.5 million) in 2012.
The agency adds that the Emirati stock market had one of the best performances in the world last year. The Dubai Financial Market saw a twofold increase in value, and the Abu Dhabi Stock Exchange was up 63%.
Reuters notes that the increased gains came in spite of Mubadala’s investment in the EBX conglomerate, owned by the Brazilian businessman Eike Batista, which is facing serious financial difficulties.
Apart from stock exchange performance, the company listed as business highlights in 2013 the merger of aluminium processing companies Dubal, from Dubai, and Emal, from Abu Dhabi, as the main factor that caused Mubadala’s total assets to go from 202 billion dirhams (US$ 55 billion) in 2012 to 223.8 billion dirhams (US$ 61 billion) last year; the inauguration of the solar power plant Shams 1, in the Emirates, and of the London Array wind farm, in the United Kingdom; the launch of YahClick, a satellite broadband service; the inauguration of a hospital, a hotel and a shopping center; the entry into operation of a gas field in Indonesia, among other ventures.
The company informed that the highest shares in revenues originated from businesses in semiconductors (49%), aerospace (25%) and oil and gas (17%).
Mubadala is known for investing in research and production of clean energies and in high technology industries. The flagship venture in this respect is the Masdar initiative, which includes the building of a sustainable city in the outskirts of Abu Dhabi.
*Translated by Gabriel Pomerancblum
