CORRECTED-UPDATE 1-UAE state fund Mubadala nearly triples net profit in 2016 | Reuters:
"Abu Dhabi's state-owned Mubadala Development Co, which is merging with fellow Abu Dhabi-owned International Petroleum Investment Company (IPIC), said on Thursday its net profit nearly tripled in 2016.
Mubadala, which is focused on developing Abu Dhabi's economy through local companies such as clean energy firm Masdar and stakes in international players such as General Electric, is among the few state-controlled firms to publish results.
The company reported a net profit of 3.3 billion dirhams ($899 million) for 2016, compared to a net profit of 1.2 billion dirhams in 2015. Its total comprehensive income, which comprises all forms of income, was 4.1 billion dirhams in 2016, recovering from a negative 1.3 billion dirhams in 2015 when the market value of some assets fell."
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