Mubadala Development Company (Mubadala), the Abu Dhabi-based development and investment company, today published detailed financial results for the six months to 30th June 2009. The financial highlights of these results are:
During the first six months of 2009 Mubadala has continued to deliver against its mandate to diversify and transform Abu Dhabi’s economy. While the Oil & Gas business unit remains the biggest contributor to revenue, Mubadala is developing other sectors in line with its mandate. Large contributors to the first six month revenue period included Real Estate & Hospitality, Infrastructure and Aerospace.
Operational highlights that strongly reflect Mubadala’s dual objectives of financial return and social development include:
In April, consistent with the company’s commitment to broaden its range of funding sources, Mubadala established a Global Medium Term Note (GMTN) program targeting global fixed income investors. After a successful investor roadshow, Mubadala issued $1.25bn of 5 year, and $500mm of 10 year, senior unsecured bonds based on a $9.3bn order book.
The regular publication of financial information highlights Mubadala’s commitment to matching market expectations in terms of transparency, corporate governance and accountability. This is the first time the company has published detailed half-year financial information and follows the publication of Mubadala’s first Annual Report in April.
Mubadala retains the strong support of its sole shareholder, the Government of Abu Dhabi, as it pursues its mandate to diversify the Emirate’s economy. The AED8.8bn increase seen during the first half of the year in Additional Shareholder Contributions is less than 50% of the 2009 full year budgeted AED21bn figure. This is a result of the company’s diversification of funding through the bond issuance and reflects their prudent approach to balance sheet management.
Khaldoon Khalifa Al Mubarak, Mubadala CEO and Managing Director, said:
“In a period of market volatility, Mubadala has delivered a resilient financial performance, demonstrating the underlying strength of our business. We have also made substantial progress on a number of landmark projects. With the strong commitment and financial backing of the Government of Abu Dhabi, Mubadala is well positioned to deliver against its unique mandate and we look forward to the future with confidence and anticipation.”