Mubadala profits fall on energy writedowns
Abu Dhabi investment company announces 28.9% fall
Abu Dhabi-based investment company Mubadala announced a 28.9% drop in profits for 2014 to AED1bn ($272mn), from AED1.45bn ($395mn) a year earlier.
The drop was due to lower income from financial investments and higher impairments relating to its oil & gas assets, although revenues increased by 5% to $8.9bn.
Mubadala said operational highlights included completion of the 364-bed Cleveland Clinic Abu Dhabi facility, the formal incorporation of Emirates Global Aluminium as a standalone business (following the merger of Emal and Dubal) and Masdar signing a $125mn deal with Oman's Rural Areas Electricity Company to build the first large-scale wind farm in the GCC.
Mubadala Group CEO and managing director, Khaldoon Khalifa Al Mubarak, said: “Our delivery of major priorities – including Cleveland Clinic Abu Dhabi, Emirates Global Aluminium, and Al Maryah Island, the home of Abu Dhabi Global Market – furthers the emirate’s economic vision of greater diversification and opportunity.”