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Mubadala Development Company (Mubadala), the Abu Dhabi-based strategic investment and development company, released its unaudited interim financial statements for the first half of 2011.
According to an emailed press release, the financial highlights of the period ended 30 June included:
Revenues increased 70% in the six months ended June 2011 over the comparative period last year from AED 8.0 billion to AED 13.6 billion, primarily due to the consolidation of the global semiconductor business, the Advanced Technology Investment Company (ATIC), into the Mubadala Group. The strong performance of the Oil ’&’ Gas businesses and the consolidation of Tabreed also contributed to the growth in revenue.
Total comprehensive income attributable to the equity holder of the company was AED 198 million for the period compared to a loss of AED 4.4 billion for the same period last year. This increase was driven by the improved performance of assets such as EMAL and Dolphin and a better result from Mubadala’s financial investment portfolio.
Total assets increased by 67% to AED 169.7 billion for the period due the consolidation of new business lines and additional contributions from the Government of Abu Dhabi.
Mubadala’s credit ratings remain among the top corporate ratings in the region at Aa3/AA/AA by Moody’s, S&P and Fitch.
Khaldoon Khalifa Al Mubarak, Mubadala CEO and Managing Director, said: "The first half of 2011 saw a clear and continued focus on the delivery of our unique mandate. The consolidation of ATIC adds further diversification to our revenues and underlines Mubadala’s strategic intent to create globally competitive industry platforms that both accelerate the development of Abu Dhabi’s economy and deliver socio-economic benefits to its citizens." The consolidation of ATIC materially diversifies the contribution mix of the various business lines within the Group. As of 30 June 2011, Semiconductor Technology accounted for 40% of Group revenues, the sale of hydrocarbons accounted for 28%, Aircraft Maintenance, Repair and Overhaul was 20% and service concession revenues generated by our Infrastructure Unit accounted for 5%.
Mubadala’s continued investment in its areas of focus has allowed it to better position its various assets and business units in preparation for their next stages of growth and to better counter and overcome the current market environment.
Operating highlights year to date included:
Emirates Aluminium (EMAL) reached its full Phase I production capacity and a US$ 4.5 billion investment for Phase II has been approved by EMAL’s board of directors. Phase II of the project is expected to act as a catalyst for further job creation and downstream development.
Mubadala’s interests in the Indonesian Ruby gas field project have proceeded to the construction and installation stage, which is expected to involve a total investment of approximately US$ 500 million by Mubadala and its field partners.
Yahsat’s first satellite, Y1A, successfully completed its in-orbit testing and handover to Yahsat. Y1A will provide satellite communications services for both governmental and commercial customers in the Middle East, Africa, Europe and South-West Asia.
The new Zayed University in Abu Dhabi was officially opened. When fully functional, this Campus will have the capacity to educate over 6,000 students and aims to become one of the preeminent universities in the region as well as a center of learning excellence.
Mubadala Healthcare expanded its Wooridul Spine Centre project with the opening of an outpatient facility in Dubai. The new facility represents an extension of the relationship with the leading Korean spine care specialists, Wooridul, who will manage and operate it in addition to their flagship facility, which is scheduled to open in Abu Dhabi in 2012. The flagship facility in Abu Dhabi will offer a comprehensive range of both inpatient and outpatient treatments.
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