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Abu Dhabi’s Mubadala net profit down 28.7 percent

05 Apr 2015

(MENAFN) Mubadala, an Abu Dhabi state-owned fund, said its 2014 net profit fell 28.7 percent due to lower income from financial investments and impairments on oil and gas assets, Arab News reported.

The fund, which has a mandate to develop the emirate’s economy, said in a statement it made a net profit of USD283.2 million in 2014, down from USD394.64 million in the previous year.

Income from financial investments fell to USD348.3 million in 2014 from USD914.4 million the previous year, with Mubadala’s oil and gas provisions were worth USD511.6 million.

Energy firms around the world have been booking impairments on assets because of the significant slide in oil prices in the second half of 2014. Abu Dhabi National Energy Co.

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