Team owner Mukesh Kochhar hails 'outstanding’ ladies as he pays tribute to his tried and tested squad of players
The strong performance of the oil and gas businesses and the consolidation of Tabreed also contributed to the growth in revenue. The Abu Dhabi-based company expects that volatility in the market will continue in second half, resulting in both challenges and opportunities for its portfolio.
“The first half of 2011 saw a clear and continued focus on the delivery of our unique mandate,” Khaldoon Khalifa Al Mubarak, chief executive and managing director of Mubadala, said.
He said the semiconductor contributed 40 per cent of the group revenues, at the end of the first half of the year. The sale of hydrocarbons generated 28 per cent earnings, Aircraft Maintenance, Repair and Overhaul revenues were 20 per cent of the total and service concession revenues generated by Infrastructure Unit accounted for five per cent, he said.
Total comprehensive income improved to Dh198 million for the period, against a loss of Dh4.4 billion for the same period last year, driven by the improved performance of EMAL and Dolphin Energy Ltd and higher earnings from its financial investments.
Operating income soared 117 per cent to Dh14 billion, on the back of ATIC revenues, higher commodity prices and earnings from AMD, GE and Carlyle.
Total assets expanded 67 per cent to Dh169.7 billion due to the consolidation of new businesses 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.
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, Al Mubarak said. During the period, Emirates Aluminium, or EMAL, reached its full phase I production capacity and a $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 $500 million by Mubadala and its 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.
Team owner Mukesh Kochhar hails 'outstanding’ ladies as he pays tribute to his tried and tested squad of players
Authorities said the decision has been taken keeping the safety of the public in mind
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Ports, Customs, and Free Zone Corporation also advised to refrain from sailing unless absolutely necessary