Abu Dhabi’s Mubadala returns to profit in 2009

23 Mar 2010

(MENAFN) Mubadala Development Company, the Abu Dhabi company with stakes in Carlyle Group and Ferrari, announced that it has returned to profit in 2009 on investment gains, Gulf News reported.

Profit attributable to shareholders was $1.3 billion, according to an audited statement. Mubadala reported a loss of $3.12 billion in 2008.

According to a company statement, Mubadala’s total comprehensive income for 2009 was $2.35 billion, driven by a substantial increase in revenue and net change in the fair value of investments.

Revenue almost doubled to $3.6 billion, total assets increased 75 percent to $24 billion and total equity increased 56 percent to $13.33 billion with a strong liquidity position of $3.22 billion, Mubadala said.

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