Mubadala profit rises to Dh1.2b on higher ICT and healthcare revenues

Abu Dhabi - The investment company reported a 4.3 per cent growth in revenues to Dh34.1 billion, primarily due to higher semiconductor, information and communications technology, healthcare, real estate and infrastructure-related revenues.

Mubadala Development Company (Mubadala) on Wednesday said its revenues increased to Dh34.1 billion as profit remains stable at Dh1.2 billion.
The investment company reported a 4.3 per cent growth in revenues to Dh34.1 billion, primarily due to higher semiconductor, information and communications technology, healthcare, real estate and infrastructure-related revenues.
Assets grew 1.2 per cent to Dh246.4 billion as at the end of 2015, while total liabilities and leverage were up 6.27 per cent year on year to Dh72.4 billion.
"Mubadala managed through the significant macroeconomic volatility of 2015 to mark moderate increases in revenue and profit," said Khaldoon Khalifa Al Mubarak, its Group CEO and managing director.
He added: "We achieved a number of major milestones for Abu Dhabi, including the opening of Cleveland Clinic Abu Dhabi, the continued development of Al Maryah Island, and strengthening our base in key global industries such as aerospace and information technology."
"We remain focused on prudent cash management and cost control, as well as active oversight of our assets, for us to navigate the anticipated challenging market conditions of 2016 and beyond," he said. Mubadala Group CFO Carlos Obeid said: "Good operational results across all our global business platforms coupled with our stable financial performance in a challenging and volatile market underlines the benefits of Mubadala's diversified portfolio."
He added: "We continue to closely manage our portfolio, pursue monetisation opportunities for our mature assets and make targeted investments that advance our four business platforms."
During 2015, Mubadala created a joint venture with global commodities leader, Trafigura, to invest in base metals in the mining sector. This partnership saw Mubadala acquire a 50 per cent stake in Trafigura's flagship mining operation, Minas de Aguas Teñidas, in Spain. GlobalFoundries successfully closed its proposed acquisition of IBM's microelectronics business.
The transaction included IBM's two wafer fabrication facilities, world-class technologists and IP in the form of over 16,000 patents.
Mubadala, China Development Bank Capital and China's State Administration of Foreign Exchange launched a $10 billion global investment fund, which will target investments in China and the UAE across multiple sectors and asset classes.
Cleveland Clinic Abu Dhabi commenced operations in March and as of the end of 2015, completed over 58,000 appointments and 2,300 surgeries, reducing the need and expense of patients to travel abroad for healthcare.
Strata, the Al Ain-based composite aero structures manufacturer, was awarded a contract to manufacture Airbus A350-1000 flap support fairings until 2023.
Nibras Al Ain Aerospace Park, the joint development with Abu Dhabi Airport Company, grew its tenant base, with over 85 per cent of phase one now complete and over 60 per cent of plots occupied. The Nibras Al Ain Aerospace Park is a catalyst for establishing a global aerospace hub and ecosystem in the UAE.
Mubadala Petroleum commenced production on time and on budget at Nong Yao, its third operated oil field in Thailand. Aggregate working interest production of 33,300 barrels of oil per day from the three operated fields has propelled Mubadala Petroleum to become the second largest black oil producer in Thailand.
- haseeb@khaleejtimes.com