Mubadala Returns to Profit as Abu Dhabi Investor Cuts Impairment
Profit attributable to the owner of the group was 455 million dirhams ($124 million) last year after a loss of 3.2 billion dirhams in 2011, Mubadala said in a statement today. Loss from financial investments dropped to 1.43 billion dirhams from 3.03 billion dirhams, while revenue climbed 12 percent to 31 billion dirhams.
Mubadala, rated AA at Standard & Poor’s and Fitch Ratings Ltd., is investing in technology, health care and aerospace to acquire technical expertise and boost employment in Abu Dhabi. The capital of the United Arab Emirates, which holds about 6 percent of the world’s proven oil reserves, is seeking to diversify from its reliance on crude exports.
Mubadala is interested in investing in Vale SA’s halted $5.9 billion potash project in Argentina, Carlos Molina, head of mining for Mendoza province, said on March 11. The company invested $2 billion in Eike Batista’s EBX Group Co. last year.
Mubadala will “continue to seek out new regional and international opportunities to help realize Abu Dhabi’s ambition of a diversified, globally integrated and innovation driven economy,” the company said in the statement. Total assets rose to 203 billion dirhams from 177 billion dirhams mainly due the increase in property and loan portfolio, it said.
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