São Paulo – This week, the state-owned company Mubadala, based in Abu Dhabi, in the United Arab Emirates, announced its financial results for the first half of 2011. Revenues grew by 70% when compared with the same period of 2010, to reach 13.6 billion dirham (US$ 3.7 billion).
The main causes for growth, according to a statement issued by the group, is the consolidation of the Advanced Technology Investment Company (ATIC), a semiconductor enterprise also owned by the emirate’s government. Oil and gas industry revenues also contributed, as did the consolidation of Tabreed, a district cooling company.
Mubadala posted profit of 198 million dirham (US$ 54 million), as against losses of 4.4 billion dirham (US$ 1.2 billion) in the same period of last year. The results were due to improved performance by the aluminium company Emal and oil and gas company Dolphin, both of which are companies in which Mubadala holds large equity stakes. Financial investments have also yielded good returns, according to the statement.
Mubadala’s total assets increased by 67% in the first half, to 169.7 billion dirham (US$ 46.2 billion). According to the company’s statement, the growth was due to the incorporation of new lines of business, as well as capital injections from the Abu Dhabi government.
*Translated by Gabriel Pomerancblum
