Monday 28 May 2018

Mubadala income triples to $1.44 billion

Abu Dhabi, April 17, 2014

Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, tripled its total comprehensive income in 2013 to Dh5.3 billion ($1.44 billion), compared to Dh 1.6 billion in 2012.
The results were primarily driven by the significant improvement in income from financial investments and the fair value of available-for-sale financial assets, the company said.  

The results reflect a strong financial and operational performance, with growth in UAE-based sectors including aerospace, aluminium manufacturing and renewable energy, it said.

Total assets increased to Dh223.8 billion as at the end of 2013 compared to Dh202 billion as at the end of 2012 primarily due to the addition of Emirates Global Aluminium to the portfolio and continued investment in Globalfoundaries.

Revenues totaled Dh31.1 billion compared to Dh30.8 billion in 2012. An increased contribution from the London Array boosted renewable energy revenues to Dh378 million, the group said.

Operating income was Dh2 billion compared to Dh3.7 billion in 2012 as improved income from investment in equity accounted investees was offset by the greater cost of sales of goods and services, it said.

Mubadala Group CEO and managing director Khaldoon Khalifa Al Mubarak said: “2013 was a strong year of financial returns and major project delivery for Mubadala. Growth of our diversified global financial portfolio was complemented by significant accomplishments in the Emirate, including the creation of a new global industrial champion in Emirates Global Aluminium and progress across other industry sectors. We also increased our international investments and formed new partnerships that will drive growth in our global platforms and increase our presence in key markets.”

Business highlights for the group in 2013 include:
•    The unification of Dubal and Emal to create Emirates Global Aluminium (EGA), an industrial champion for the UAE which is now among the largest aluminium companies globally.   
•    The commitment of aerostructures and engine parts manufacturing work packages worth Dh22 billion over 10 years from the industry’s most established companies including Airbus, Boeing, GE and Rolls Royce.
•    The inauguration of Shams 1, the first concentrated solar power plant in the region, and London Array, the world’s largest offshore wind farm, together representing a total of 730 MW of clean energy.
•    The UAE launch of YahClick, Yahsat’s sophisticated satellite broadband service, and its acquisition of over 20,000 subscribers across the Middle East and Africa by the end of 2013.
•    The opening of Healthpoint, a fully integrated, primary care and multi-specialty hospital located at Zayed Sports City in Abu Dhabi, bringing specialist facilities under one roof, including Abu Dhabi Knee & Sports Medicine Centre and Wooridul Spine Centre.
•    The openings of the Rosewood Abu Dhabi hotel and The Galleria luxury shopping and dining destination on Al Maryah Island, Abu Dhabi’s new world-class Central Business District and future home of the Abu Dhabi Global Market financial free zone.
•    The commencement of operations at the Ruby gas field in Indonesia, Mubadala Petroleum’s first operated, full-field gas development project.
•    The establishment of the region’s first semiconductor cleanroom at Masdar Institute, providing a world-class hub for advanced microelectronics. - TradeArabia News Service

Tags: abu dhabi | investment | Mubadala | income |

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