Mubadala Releases First Half 2013 Financial Results
Total comprehensive income increases to AED 2.1 billion; Major initiatives delivered for Abu Dhabi
Mubadala Development Company (Mubadala), the AbuDhabi-based investment and development company, today released its interim financial statements and business highlights for the first half of 2013.
Business highlights from across the Mubadala Group in the first half of 2013 included:
- The inauguration of the Shams 1 concentrated solar plant in the Abu Dhabi Western region by HH Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates.
- The announcement that, subject to regulatory approval, EMAL and DUBAL will operate jointly as a new entity, Emirates Global Aluminium.
- EMAL’s finalizing of its landmark project financing of Phase II and the installation of the final steel structure for the 1.7km potline of its Phase II expansion, completing all major civil and engineering work on the world’s longest single aluminium potline.
- The opening of the Rosewood Abu Dhabi, the first five-star hotel on Al Maryah Island in Abu Dhabi.
- The creation of a 2 billion dollar co-investment fund with the Russian Direct Investment Fund in order to pursue new investment opportunities in Russia.
- Yahsat’s launch of its satellite broadband offering in the UAE (Yahclick).
- Dolphin Energy producing its 4 trillionth cubic foot of gas.
- The initial opening of Healthpoint, Abu Dhabi’s primary care and multi-specialty hospital located at Zayed Sports City.
- ATIC and the Semiconductor Research Corporation (SRC) launching the Centre of Excellence for Energy Efficient Electronic Systems (ACE4S), which will be hosted jointly in Abu Dhabi by Khalifa University of Science, Technology and Research and Masdar Institute of Science and Technology.
Mubadala CEO and Managing Director, Khaldoon Khalifa Al Mubarak, commented: “In line with our business plan, we reached key milestones within our portfolio during the first half of 2013, particularly in the metals, satellite and renewable energy sectors. We continued to grow our global platforms and made new investments into promising international markets. We remain firmly focused on helping to develop a diversified, globally integrated and innovation-driven economy for Abu Dhabi with strong career opportunities for its citizens.”
Financial highlights for the period ended 30th June 2013:
- Total comprehensive income increased to AED 2.1 billion compared to AED 1.1 billion in H1 2012 driven by improvements in the fair value of many of the Group’s financial investments and other assets.
- Revenues decreased to AED 14.8 billion compared to AED 16 billion in H1 2012. The year-on-year decrease was in large part due to the one-time exceptional revenue increase recorded in 2012 related to semiconductor manufacturing and to lower hydrocarbon revenues. Significant revenue increases were seen in Mubadala’s satellite communications business, Yahsat, in comparison to H1 2012.
- Operating income decreased to AED 614 million compared to AED 2.3 billion in H1 2012 due to an increase in investment-related spending across the Group, in particular accelerated research and development.
- Total assets increased to AED 204 billion as at the end of June 2013 compared to 202.2 billion as at the end of 2012.
- Total equity increased to AED 141.2 billion as at the end of June 2013 compared to AED 135.4 billion at the end of 2012.
- Total liabilities & leverage. Total liabilities decreased to AED 62.7 billion as at the end of June 2013 compared to AED 66.8 billion as at the end of 2012. Mubadala’s gearing ratio decreased from 18.6% at the end of 2012 to 14.3% at the end of June 2013.
- Mubadala’s credit ratings were recently reaffirmed among the top corporate ratings globally at Aa3/AA/AA by Moody’s, S&P and Fitch, respectively.
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