The Shams 1 project
Mubadala income doubles to $571m
Abu Dhabi, September 26, 2013
Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, today reported a total comprehensive income of Dh2.1 billion ($571 million) for the first half of this year.
The figure, which is almost double of Dh1.1 billion achieved in H1 2012, was driven by improvements in the fair value of many of the group’s financial investments and other assets, the company said.
Total revenues of the company decreased to Dh14.8 billion compared to Dh16 billion in H1 2012. The year-on-year decrease was in large part due to the one-time exceptional revenue increase recorded in 2012 related to semiconductor manufacturing and to lower hydrocarbon revenues, it said. Significant revenue increases were seen in Mubadala’s satellite communications business, Yahsat, in comparison to H1 2012, it added.
Mubadala CEO and managing director, Khaldoon Khalifa Al Mubarak, said: “In line with our business plan, we reached key milestones within our portfolio during the first half of 2013, particularly in the metals, satellite and renewable energy sectors. We continued to grow our global platforms and made new investments into promising international markets. We remain firmly focused on helping to develop a diversified, globally integrated and innovation-driven economy for Abu Dhabi with strong career opportunities for its citizens.”
The company’s operating income decreased to Dh614 million compared to Dh2.3 billion in H1 2012 due to an increase in investment-related spending across the group, in particular accelerated research and development.
Total assets increased to Dh204 billion as at the end of June 2013 compared to Dh202.2 billion as at the end of 2012.
During the first half the year, Mubadala Group inaugurated the Shams 1 concentrated solar plant in the Abu Dhabi Western region and announced that subject to regulatory approval, Ema and Dubal will operate jointly as a new entity, Emirates Global Aluminium.
The group also opened the Rosewood Abu Dhabi, the first five-star hotel on Al Maryah Island in Abu Dhabi.
It created a $2 billion co-investment fund with the Russian Direct Investment Fund in order to pursue new investment opportunities in Russia. – TradeArabia News Service