Mubadala unveiled a new operating structure in February 2017, following its merger with International Petroleum Investment Company The new structure is built around four main platforms — aerospace; renewables and ICT; alternative investments and infrastructure; petroleum and petrochemicals; and technology, manufacturing and mining. DUBAI: Mubadala Investment Company’s annual operating profit rose by 11.5 percent in 2017, the first year under its new organizational structure. Operating income rose to 10.7 billion dirhams ($2.9 billion) last year, compared with 9.6 billion dirhams in 2016, the Abu Dhabi state investor said in a statement on Sunday. Mubadala unveiled a new operating structure in February 2017, following its merger with fellow state investor the International Petroleum Investment Company the previous year. The new structure is built around four main platforms — aerospace; renewables and ICT; alternative investments and infrastructure; petroleum and petrochemicals; and technology, manufacturing and mining. “All four global platforms contributed to our strong financial and operational results,” said Mubadala’s group CEO and managing director Khaldoon Al-Mubarak. “The scale of our integrated portfolio enabled us to increase investments in existing companies and monetize mature assets, while entering new sectors in key international markets where we see long-term growth potential and alignment with Abu Dhabi’s strategic priorities.” Mubadala’s total comprehensive income doubled to 10.3 billion dirhams last year, thanks to what it described as gains from “divestments of mature assets and the increase in value of financial holdings.” These divestments included the sale of a 40 percent stake in district-cooling business Tabreed to France’s Engie for 2.8 billion dirhams, and the offloading of shares in chipmaker AMD worth 4.18 billion dirhams. “In 2017, we made significant progress by reducing overall leverage while maintaining appropriate liquidity to deploy capital in new investments,” said Mubadala CFO Carlos Obeid. “In addition, we took the opportunity to monetize some of our mature assets which provided a significant return on our original investments, in line with our mandate to deliver financial returns to our shareholder.” Revenues rose by 13.9 percent to 165.6 billion dirhams last year, with upstream and integrated, petrochemicals and semiconductor business lines providing major contributions. The company did not give a breakdown of revenue growth for the four platforms. OMV, an Austrian oil and gas company partly owned by Mubadala, on Sunday signed a $1.5 billion deal with Abu Dhabi National Oil Company (ADNOC) for a 20 percent stake in two offshore concessions in the emirate for 40 years. The SARB and Umm Lulu fields produce 215,000 barrels of oil per day.