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FINANCIAL NEWS
UAE’s Mubadala logs USD170m net profit in H1
18 Sep 2015
(MENAFN) Mubadala, the Abu Dhabi based development firm, has announced a USD170.2 million in gross profits in the first six months, which registers a 53.4 percent decline from last year’s cited period.
The registered figures are mainly attributed to higher costs which have offseted increased income from investments, let alone that income was almost flat, with USD4.3 billion logged in Jan-June period as opposed to same amount in 2014.
The slump in net profits comes mainly from lower commodity prices, with Mubadala recording USD700 million in energy revenue in the first half of this year dropping from the USD843 million registered in last year’s same timeframe.
“Despite challenging market conditions such as volatile commodity prices impacting certain businesses in our portfolio, the diversity of our asset base and prudent management enabled us to record positive results,” said the firm’s chief financial officer.
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