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Mubadala income surges to Dh1.4b
Haseeb Haider / 12 April 2013
Mubadala Development Company’s total comprehensive income posted a strong surge to Dh1.4 billion from a negative Dh4.2 billion in 2011, on the back of bumper gains from chip-making, hydrocarbon, aerospace and satellite businesses.
The rise in the Abu Dhabi-based investment and development company’s comprehensive income is a result of a 12 per cent year-on-year surge in revenues, which rose to Dh31.3 billion compared to Dh 27.9 billion in 2011.
Strong revenues came from Globalfoundries, the world’s second-largest semiconductor foundry by revenue.
Other units that outperformed included Mubadala Petroleum, Mubadala Aerospace and satellite communications business Yahsat, Mubadala said in its annual report for 2012.
Operating income doubled to Dh2.6 billion in 2012 compared to Dh1.2 billion in 2011. Total assets increased by 15 per cent to Dh202.8 billion in 2012 while total equity increased by 28 per cent year-on-year to Dh136 billion in 2012.
Mubadala reported a decrease in its liabilities to Dh66.8 billion in 2012, down from Dh70.7 billion a year earlier.
The company’s gearing ratio decreased from 22 per cent as of the end of 2011 to 19 per cent at the end of 2012.
“As we celebrate 10 years of operations, we continue to deliver key social infrastructure for Abu Dhabi and build out our global platforms,” Mubadala chief executive officer and managing director Khaldoon Khalifa Al Mubarak said.
“Mubadala continues to catalyse new centres of excellence, helping to further Abu Dhabi’s position as a global leader in key sectors.”
The company’s credit ratings were recently reaffirmed among the top corporate ratings globally at Aa3, AA and AA by Moody’s, S&P and Fitch, respectively.
Al Mubarak said: “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.”
“Looking ahead we remain resolutely focused on building our globally integrated business, creating further opportunities for current and future generations and helping realise Abu Dhabi’s ambition of becoming a diversified and innovation-driven economy.”
In 2012, Mubadala businesses achieved several milestones. Yahsat successfully launched Abu Dhabi’s second satellite, Y1B, into orbit to boost its revenues.
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.
Its aluminium smelter, Emirates Aluminium, achieved full completion of Phase I and exported its first shipment.
Masdar’s Shams 1, the concentrated solar power plant located in the western region of Abu Dhabi, finalised 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.
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