Aabar Investments PJSC (AABAR.AD), the largest shareholder in Daimler AG (DAI.XE), Thursday said its third-quarter profit soared as the value of its investment in the German automaker increased.
Profit for the period surged to 1.18 billion U.A.E. dirhams ($323.9 million), or AED0.38 a share, from AED19.9 million a year earlier, the company said in a statement on the Abu Dhabi exchange's Web site.
The Abu Dhabi-based investment firm reported AED6.98 billion in gains from Daimler shares, which outweighed a widened loss in derivatives linked to the carmaker.
Aabar, which is majority-owned by the Abu Dhabi government's International Petroleum Investment Co., in March became Daimler's biggest shareholder when it paid 1.95 billion euros ($2.80 billion) for a 9.1% stake in the world's second-biggest luxury-car maker.
Between March and September Daimler shares gained almost 50%. They closed down 5.3% at EUR33.22 Wednesday.
In its statement Thursday, Aabar said losses from derivative financial instruments amounted to AED3.51 billion during the third quarter, compared with AED2.25 billion during the second quarter.
Flush with cash from years of soaring oil prices, Aabar, IPIC and other Abu Dhabi sovereign investors are targeting foreign assets to extend their influence outside the Middle East.
Aabar said a "series of symbolic investments" during the third quarter "have reinforced Aabar's position in the market as a major investor".
The company said it will "continue to evaluate opportunities and projects in its pipeline through to the end of 2009".
Aabar shares last traded 1.5% lower at AED2.62 in a broadly negative market.
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