Revenue Growth Realized in Key Sectors
Total Comprehensive Income Decline Due to Share Price Drop
Revenue Growth Realized in Key Sectors
Total Comprehensive Income Decline Due to Share Price Drop
Mubadala Development Company (Mubadala), the Abu Dhabi-based strategic development and investment company, today announced its financial performance and operational highlights for the first half of 2010.
Key operational highlights from the first half of 2010 include the:
Revenue from operations grew to AED 8.0 billion, an increase of AED 2.1 billion over the same period in 2009, driven by strong performance in the Aerospace, Infrastructure, and Oil & Gas businesses, which all realized significant growth in their operating income.
Mubadala’s Total Comprehensive Income (TCI) for the period was a negative AED 4.5 billion. This result reflects an unrealized loss of AED 4.4 billion from Mubadala’s public markets investments due to the decline in the local and global markets during the first half of this year. These investments are important components of Mubadala’s long term strategy, and the company recognizes that share price fluctuations will have a positive or negative effect on its periodical reporting of financial performance.
Mubadala’s total assets under management stood at AED 86.1 billion at the end of the first half of 2010. Total equity decreased 4.7% to AED 46.6 billion in the first half of 2010 from AED 48.9 billion in December 2009. Recently, Mubadala’s Board of Directors approved increasing Mubadala’s share capital from AED 5.5 billion to AED 15 billion through the conversion of certain shareholder rights. The share capital increase is currently in the process of being formalized.
Commenting on Mubadala’s progress, Khaldoon Khalifa Al Mubarak, Mubadala CEO and Managing Director, said:
“Mubadala is a young and dynamic company with a very promising portfolio of assets. As long term holders of substantial and strategic positions in leading local and global companies, we will experience some unrealized losses and gains during our holding period. We remain focused on building a strong and diversified portfolio of assets, and delivering tangible social contributions to Abu Dhabi.
We have witnessed the first aluminum rolling off the EMAL plant four months ahead of schedule; the recent completion of the Paris-Sorbonne University Abu Dhabi campus, substantial construction work at the UAE University and Zayed University campuses; a significant increase in patient numbers at the Imperial College London Diabetes Center (ICLDC); and, the first three Mubadala-sponsored Emirati students to take part in NASA’s prestigious internship program - the only non-Americans ever to do so. These milestones underscore the tangible contributions that Mubadala is making towards Abu Dhabi’s economic diversification.”
About Mubadala Development Company
Mubadala Development Company (Mubadala) is a catalyst for the economic diversification of Abu Dhabi. Established and owned by the Government of Abu Dhabi, the company’s strategy is built on the creation of partnerships and on long-term, capital-intensive investments that deliver strong financial returns and tangible social benefits for the Emirate of Abu Dhabi, and that contribute to the growth and diversification of its economy.
Mubadala brings together and manages a multi-billion dollar portfolio of local, regional and international investments and partners with leading global organizations to operate businesses across a wide range of industry sectors. These include aerospace, energy, healthcare, information communications and technology, infrastructure, real estate and hospitality, and services ventures. For more information about Mubadala please visit http://www.mubadala.ae.
MEDIA (ENGLISH)
Ravi N. Moorthy
Mubadala
rmoorthy@mubadala.ae
+971 (0)56 613 9220
MEDIA (ARABIC)
Salam Kitmitto
Edelman
salam.kitmitto@edelman.com
+971 (0)50 800 8268
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