Mubadala Development Company (Mubadala), the Abu Dhabi-based government investment vehicle, has announced its full year financial and operational results for 2015, posting a 12 per cent increase in profits.

Announcing its annual results on 31 March, Mubadala said profit for 2015 was $327m, compared with $272m in 2014.

“Mubadala managed through the significant macroeconomic volatility of 2015 to mark moderate increases in revenue and profit,” says Khaldoon Khalifa al-Mubarak, group CEO and managing director. “In addition, we achieved a number of major milestones for Abu Dhabi, including the opening of Cleveland Clinic Abu Dhabi, the continued development of Al-Maryah Island, and strengthening our base in key global industries such as aerospace and information technology.”

Al-Mubarak recently denied plans to sell key assets, telling UK news agency Reuters that “we are not in a distressed situation… we will keep those businesses”, referring to US contract chipmaker Globalfoundries or UAE satellites operator Yahsat. Both companies have been touted as potential assets that may be sold by firm, as reported by US news agency Bloomberg.

It is understood, however, that the fund is considering options to sell stakes in Swiss aircraft maintenance business SR Technics and to hold an initial public offering (IPO) of Yahsat.

Referring to today’s financial statements, Al-Mubarak stated “We remain resolutely focused on prudent cash management and cost control, as well as active oversight of our assets, in order for us to navigate the anticipated challenging market conditions of 2016 and beyond.”