Abu Dhabi – Mubasher: ​Abu Dhabi’s Mubadala Investment Company on Thursday announced that it achieved a profit of AED 10.9 billion for the first half of 2018.

Total comprehensive income recorded AED 10.6 billion during H-18, according to the company’s statement.

Mubadala ascribed the growth in the first-half profits and income to the strong public equities performance and operating companies in the petroleum and petrochemicals platform, including Compañía Española de Petróleos (CEPSA).

Earlier this week, Mubadala announced plans to launch an initial public offering (IPO) for Cia Espanola de Petroleos SAU in Spain, which is expected to be the largest offering of oil producer in a decade.

“Leverage remains well-balanced across the portfolio and cash flow is solid,” Carlos Obeid, Mubadala’s chief financial Officer, commented.

The firm’s total assets, including consolidated ADIC holdings, reached AED 832 billion over the first six months of 2018, while total equity registered AED 583 billion.

“We also monetized select assets at good valuations, to deliver financial returns. And, the decision to bring the Abu Dhabi Investment Council into the Mubadala Group has increased the scale and breadth of our portfolio,” Khaldoon Khalifa Al Mubarak, Mubadala’s CEO and managing director, said.