Mubadala Announces 2009 Financial Results
Mubadala Development Company (‘Mubadala’), the Abu Dhabi-based business development and investment company, today released its audited 2009 year-end financial results.
Mubadala Development Company (‘Mubadala’), the Abu Dhabi-based business development and investment company, today released its audited 2009 year-end financial results. The financial highlights of these results are:
- Total comprehensive income of AED 8.6 billion, driven by a substantial increase in revenue and net change in the fair value of investments
- Revenue almost doubled to AED 13.1 billion
- Total assets increased 75% percent to AED 88.5 billion
- Total equity increased 56% percent to AED 48.9 billion
- Strong liquidity position of AED 11.8 billion
While Dolphin Energy continued to be a significant contributor to revenue at AED 2.8 billion, Mubadala is growing other sectors in line with its mandate to diversify and transform Abu Dhabi’s economy. The main contributors to growth in total revenue were SR Technics at AED 4.0 billion; concession revenue from UAE University, Zayed University and Paris-Sorbonne University Abu Dhabi at AED 2.6 billion; and the sale of land on Sowwah Island at approximately AED 800 million.
Also contributing to Mubadala’s total performance were the changes in the fair valuation of investments, mainly driven by the company’s shareholdings in “AMD”, “du” and “Aldar.”
Maintaining strong dialogue and engagement with both banks and fixed income investors, together with Mubadala’s objective of diversifying its funding sources, has enabled the company to successfully finance itself and its projects in various and often innovative ways. Mubadala issued its first corporate bonds through a Global Medium Term Note program and closed a number of corporate facilities in excess of AED 10.7 billion in aggregate. Highlights for Mubadala-related projects include the closing of the AED 15.1 billion Dolphin Energy refinancing and the AED 3.9 billion Zayed University financing.
Khaldoon Khalifa Al Mubarak, Mubadala CEO and Managing Director, said:
”Despite a challenging global economic environment, Mubadala has performed well both financially and operationally, making significant progress on a number of landmark projects. In 2009, we focused on improving financial and operational discipline, transparency and governance to both support and enable our continued growth. We have a robust portfolio of businesses, a solid pipeline of projects, ready access to diverse sources of funding coupled with strong support from our shareholder; this puts us in a unique position to realize value and further opportunities in 2010.”
- In February, Mubadala increased its holding in SR Technics from 40 percent to 70 percent. SR Technics’ results have now been fully consolidated, making it one of the major drivers of change in Mubadala’s 2009 results.
- Stage 1 of the UAE University, Phase 1 of Paris-Sorbonne University Abu Dhabi and the downtown campus of New York University-Abu Dhabi (NYUAD) were completed. Construction of the main NYUAD campus is expected to start in mid-2010.
- A number of plot sales were finalized on Sowwah Island during 2009. Sowwah Square will be home to Abu Dhabi’s new Central Business District and home of the new headquarters of the Abu Dhabi Stock Exchange.
- First commercial production of metal at Emirates Aluminium (EMAL) took place on December 2nd 2009. The project is proceeding on plan, on time and on budget and is increasing its output to reach its production target of 700,000 tons per annum for phase one.