Mubadala’s profits decline to USD299.5 in 2010

26 Mar 2011

(MENAFN) Mubadala Development’s chief operating officer, Waleed al Muhairi, stated that the UAE-based company’s 2010 profits declined to USD299.5 million from USD1.26 billion year on year, reported The National.

Al Muhairi also said that the 76 percent decline in profits was compensated for in terms of the company’s revenues growth, which reached 22 percent in 2010. In addition, the company’s assets increased by 14 percent last year, reported Al Muhairi.

The chief operating officer added that the Abu Dhabi owned investment company was pleased to see its non oil and gas revenues increase, which was a positive step despite the profits’ plunge.

It is worth noting that Mubadala was established in October 2002 as a Public Joint Stock Company and is a wholly owned investment vehicle of the Government of Abu Dhabi.

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