April 29, 2018 / 8:13 AM / 6 months ago

Abu Dhabi state fund Mubadala's 2017 operating profit rises 11.5 pct

ABU DHABI, April 29 (Reuters) - Abu Dhabi’s state investor Mubadala Investment Co on Sunday reported a 2017 operating income of 10.7 billion dirhams ($2.9 billion), rising 11.5 percent from 9.6 billion dirhams in 2016.

The company, formed through the merger of Mubadala Development Company and International Petroleum Investment Co in 2017, said total assets rose to 469.4 billion dirhams at the end of 2017, up from 449.7 billion dirhams at the end of 2016.

It reported total comprehensive income of 10.3 billion dirhams, compared to 5.1 billion dirhams in 2016.

Mubadala’s assets have risen to about $200 billion after Abu Dhabi Investment Council joined the investment firm in March as part of a consolidation of hundreds of billions of dollars worth of state funds. ($1 = 3.6730 UAE dirham) ($1 = 3.6730 UAE dirham) (Reporting By Stanley Carvalho; Writing by Tom Arnold; Editing by Saeed Azhar)

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