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Thu 20 Sep 2018 12:44 PM

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Mubadala reports $2.96bn half-year profit

Mubadala was merged with Abu Dhabi Investment Council in March this year

Mubadala reports $2.96bn half-year profit
As a part of Cleveland Clinic Abu Dhabi’s multi-organ transplant programme, physicians accomplished another historic medical milestone in the UAE by performing three transplant surgeries from a deceased donor on the same day, including the UAE’s first double-lung transplant in February.

Abu Dhabi’s Mubadala Investment Company announced profits of $2.96bn (AED10.9) for the first six months of this year.

The income was driven by strong public equities performance and its petroleum firms, including Spanish firm CEPSA, which just this week announced its intention to pursue a public offering.

Mubadala was merged with Abu Dhabi Investment Council in March this year, and group chief executive officer and managing director Khaldoon Khalifa Al Mubarak said this has helped to increase “the scale and breadth of our portfolio”.

Total assets, including consolidated ADIC holdings, were $226.54bn (AED832bn) at the end of H1 2018, while total equity was $158.74bn (AED583bn).

“In the first half of the year, we continued to deploy capital in new sectors and geographies, in line with our long-term strategy,” Mubarak said.

“We also monetised select assets at good valuations, to deliver financial returns.”

Mubadala’s chief financial officer, Carlos Obeid, said, “Leverage remains well-balanced across the portfolio and cash flow is solid.”

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