Mubadala Development Company, the Abu Dhabi state-owned business development and investment company, has reported profits of AED8.6bn ($2.3bn) for 2009 on the back of investment gains and lower impairments.

Revenue almost doubled to AED13.1bn and the company’s total assets rose 75 per cent to AED88.5bn, according to an audited statement posted on the company’s website on 22 March. Mubadala reported a loss of AED11.44bn in 2008.

Dolphin Energy continued to be a significant contributor to revenue at AED2.8bn, but Mubadala has been successful in creating sizeable revenue streams from other sectors in line with its mandate to diversify and transform Abu Dhabi’s economy. 

The main contributors to growth in total revenue were aircraft components firm SR Technics at AED4bn, concession revenue from UAE University, Zayed University and Paris-Sorbonne University Abu Dhabi at AED2.6bn, and the sale of land on Abu Dhabi’s Sowwah Island at approximately AED800m.

“We have a robust portfolio of businesses, a solid pipeline of projects, ready access to diverse sources of funding coupled with strong support from our shareholder,” said Khaldoon Khalifa Al Mubarak, chief executive and managing director of Mubadala, in a 22 March statement. “This puts us in a unique position to realise value and further opportunities in 2010.”

Also contributing to Mubadala’s total performance were the changes in the fair valuation of investments, mainly driven by the company’s shareholdings in Advanced Micro Devices, du and Aldar Properties.

Mubadala was one of seven Abu Dhabi companies to have its rating downgraded by Moody’s Investors Service this month, citing the lack of an ‘explicit formal agreement’ for government support. Its rating now stands at Aa3.