Abu Dhabi’s Mubadala reports Dh4.2 billion profit first half of 2017

Mubadala’s first-half profit was at Dh4.2 billion, compared with a Dh4.7 billion loss in the same period of 2016. (AFP)
Updated 28 September 2017
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Abu Dhabi’s Mubadala reports Dh4.2 billion profit first half of 2017

DUBAI: Abu Dhabi’s state-owned Mubadala Investment Company on Thursday reported a profit for the first half, in its first financial report after merging with International Petroleum Investment Company earlier this year.
The company’s first-half profit was at Dh4.2 billion, compared with a Dh4.7 billion loss in the same period of 2016, Mubadala said in a statement.
First-half revenues also rose to Dh83.4 billion, from Dh72.9 last year, driven by higher returns across Mubadala’s oil and gas, semiconductors and aerospace platforms.
Total assets were pegged at Dh465.5 billion as of June 30, versus Dh449.7 billion at the end of 2016 primarily due to an increase in the value of financial investments, a $ 2.1-billion bond raised by Nova Chemicals and dividends from financial investments, Mubadala said.
The results incorporated the Mubadala and IPIC financial statements from the first half of 2017, the company noted.
“The results from the first half of 2017 reflect the strength and scale of Mubadala Investment Company’s diversified global portfolio and robust balance sheet,” Khaldoon Khalifa Al-Mubarak, the group chief executive and managing director, said.
“We will continue to integrate, optimize and grow the company’s assets under our global business platforms, to create and realize maximum financial and strategic returns to support diversification of the economy of Abu Dhabi and the country.”
Abu Dhabi’s strategic investment company in its financial report said it cashed in on 45 million shares of Advanced Micro Devices in March, valued at Dh2.25 billion, another 40 million shares worth Dh1.93 billion in August. Mubadala how remains the largest shareholder of the US chipmaker at 12.9 percent.
Mubadala also said it sold a 40 percent stake in Tabreed to Engie, a French-based energy company, for Dh2.9 billion, but remained the major shareholder with a 42 percent interest.


China cancels trade talks with US as tariff threats escalate

Updated 8 min 8 sec ago
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China cancels trade talks with US as tariff threats escalate

  • A mid-level delegation was due to travel to Washington ahead of Liu’s visit, but the trip has now been abandoned
  • China added $60 billion of US products to its import tariff list as it retaliated against US duties on $200 billion of Chinese goods

SHANGHAI: China has canceled upcoming trade talks with the United States and will not send vice-premier Liu He to Washington next week, the Wall Street Journal reported, citing sources.
The Wall Street Journal said a mid-level delegation was due to travel to Washington ahead of Liu’s visit, but the trip has now been abandoned.
Earlier this week, China added $60 billion of US products to its import tariff list as it retaliated against US duties on $200 billion of Chinese goods set to go into effect from Sept. 24.