Abu Dhabi’s Mubadala Investment Company made profits of AED4.2bn ($1.1bn) during the first half of this year, up from a loss of AED4.7bn during the same period last year. The results are the first to be released since Mubadala Development Company merged with another Abu Dhabi investment vehicle, International Petroleum Investment Company (IPIC).

Revenues for the first half of this year were AED83.4bn, compared to AED72.9bn for the same period of last year, while operating income was AED5.5bn compared to AED3.3bn. Total assets were AED 465.5 billion as of 30 June 2017, compared to AED 449.7 billion at the end of 2016, primarily due to an increase in the value of financial investments.

“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. 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,” said Khaldoon Khalifa al-Mubarak, group chief executive officer and managing director, Mubadala Investment Company.

Mubadala Investment Company’s four global business platforms are: alternative investments and infrastructure; petroleum and petrochemicals; technology, manufacturing and mining; and aerospace, renewables and information and communications technology.