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Thu 31 Mar 2016 02:04 PM

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UAE's Mubadala 2015 profit up 12.4% on investments

State-owned firm, which has stakes in General Electric and private equity firm Carlyle, made a net profit of $315.8m in 2015

UAE's Mubadala 2015 profit up 12.4% on investments

Abu Dhabi state-owned investment fund Mubadala on Thursday posted a 12.4 percent rise in 2015 profit, aided by higher income from investments and a one-off gain.

Unlisted Mubadala is among the few state-controlled firms of Abu Dhabi to publish results. It has stakes in General Electric and private equity firm Carlyle, among others, and interests including energy and aerospace.

Mubadala made a net profit of 1.16 billion dirhams ($315.8 million) in 2015, up from 1.04 billion dirhams in the previous year, the company said in a statement.

Total comprehensive income, which comprises all forms of income, fell to a loss of 1.32 billion dirhams in 2015, compared with a loss of 190.8 million dirhams in 2014.

Mubadala added that it had received instructions from its shareholder to convert interest-free loans previously provided to it worth 18.37 billion dirhams into equity.

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