Mubadala Releases Full Year 2012 Financial Results
Revenues increase 12% to AED 31.3 billion; Assets grow by 15% to AED 202.8 billion
Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, today released its full year financial statements for 2012.
“As we celebrate 10 years of operations, we continue to deliver key social infrastructure for Abu Dhabi and build out our global platforms, in line with the company’s mandate to support the Emirate’s diversification and development,” said Mubadala CEO and Managing Director, Khaldoon Khalifa Al Mubarak. “Mubadala continues to catalyze new centers of excellence, helping to further Abu Dhabi’s position as a global leader in key sectors.”
Business highlights from across the Mubadala Group in 2012 included:
- Yahsat’s successful launch of Abu Dhabi’s second satellite, Y1B.
- The opening of the Emirate’s second Imperial College London Diabetes Centre, located in Al Ain.
- Strata Manufacturing delivered the first shipment of A330 ailerons made in Al Ain to Airbus, while new multi-year supply agreements were established with Boeing.
- All four office towers at Sowwah Square on Al Maryah Island were completed.
- EMAL achieved full completion of Phase I and exported its first shipment through the new Khalifa Port in Abu Dhabi.
- Masdar’s Shams 1, the concentrated solar power plant located in the western region of Abu Dhabi, finalized development on course to begin power generation in 2013.
- Mubadala Petroleum’s working interest production in 2012 averaged 378,000 barrels of oil equivalent per day across interests in 12 countries.
- GLOBALFOUNDRIES became the world’s second largest semiconductor foundry by revenue.
- UAE Nationals were appointed to key senior leadership positions within the Mubadala group: Tabreed, now the world’s largest district cooling utility, appointed its first Emirati CEO, Jasim Thabet, and Badr Al-Olama became the CEO of Strata Manufacturing.
Financial highlights for the full year 2012:
- Revenues increased 12% to AED 31.3 billion compared to AED 27.9 billion in 2011, due to revenue contributions from GLOBALFOUNDRIES, Mubadala Petroleum, Mubadala Aerospace and the satellite communications business, Yahsat.
- Operating income grew to AED 2.6 billion compared to AED 1.2 billion in 2011.
- Total comprehensive income increased to AED 1.4 billion from a negative AED 4.2 billion in 2011.
- Total assets increased by 15% to AED 202.8 billion in 2012 compared to AED 177.1 billion in 2011.
- Total equity increased by 28% to AED 136 billion in 2012 compared to AED 106 billion in 2011.
- Total liabilities & leverage Total liabilities decreased to AED 66.8 billion in 2012 compared to AED 70.7 billion in 2011. Mubadala’s gearing ratio decreased from 22% as of the end of 2011 to 19% at the end of 2012.
- 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.
“Our 2012 financial performance is a reflection of how we manage our portfolio, with certain key assets and projects reaching further maturity and improved market conditions positively impacting the value of many of our financial investments,” said Mr. Al Mubarak. “Looking ahead we remain resolutely focused on building our globally integrated business, creating further opportunities for current and future generations and helping realize Abu Dhabi’s ambition of becoming a diversified and innovation-driven economy.”