Mubadala Development Co., an state-owned investor with stakes in General Electric Co. (GE) and Carlyle Group, said first-half loss narrowed to 1.18 billion dirhams ($320 million) from 1.39 billion dirhams a year ago.
Operating income rose to 14 billion dirhams from 6.46 billion dirhams a year earlier, the company said in a statement today distributed through the Regulatory News Service. Total comprehensive income attributable to the equity holders amounted to 198 million dirhams after a loss of 4.4 billion dirhams in the same period last year, Mubadala said. Revenue increased 70 percent to 13.6 billion dirhams and total assets rose 67 percent to 169.7 billion dirhams.
Mubadala plans to increase spending to about 60 billion dirhams this year as it directs funds to companies such as Advanced Technology Investment Co., Mubadala GE Capital and its Masdar project. The group spent an average 16.4 billion dirhams over the last three years, according to the company’s bond prospectus in April.
The consolidation of ATIC adds further diversification to our revenues and underlines Mubadala’s strategic intent to create globally competitive industry platforms that both accelerate the development of Abu Dhabi’s economy and deliver socio-economic benefits to its citizens,’’ Chief Executive Officer Khaldoon al-Mubarak said in an e-mailed statement.
Abu Dhabi, home to more than 7 percent of the world’s proven crude oil reserves, is seeking to diversify away from energy by investing in industries such as property and aerospace. Capital contributions of as much as 37.8 billion dirhams have been approved by the government for this year, Mubadala said in the prospectus.
Mubadala expects to invest $500 million in the Ruby natural gas field in Indonesia along with partners, according to today’s statement. Emirates Aluminium Co., owned by Mubadala and Dubai Aluminium Co., reached its full phase I production capacity and a $4.5 billion investment for phase II has been approved, the company said.
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