Abu Dhabi government-owned investment vehicle Mubadala Development Company has reported a profit of AED851m ($232m) for the first six months of 2012, taking the company back into profit after a loss of AED1.183bn in the same period of 2011.

The firm said that revenues during the period rose by 18 per cent to AED16bn driven by revenues from Global Foundries, and its petroleum and aerospace businesses. Operating income rose to AED2.2bn from AED402m in the first half of 2011.

The government of Abu Dhabi provided the firm with an extra AED17.8bn in equity, increasing total equity in the company to AED125bn and decreasing ratio of debt-to-equity to 19 per cent, from 22 per cent at the end of the first half of 2011.