Mubadala announces 2009 financial results

Abu Dhabi: Abu Dhabi-based Mubadala Development Company said Monday its total comprehensive income for 2009 was Dh 8.6 billion, driven by a substantial increase in revenue and net change in the fair value of investments.

“Revenue almost doubled to Dh13.1 billion, total assets increased 75 per cent to Dh88.5 billion and total equity increased 56 per cent to Dh48.9 billion,” Mubadala said in a statement on its web site, adding it has a “strong liquidity position of Dh11.8 billion.”

“While Dolphin Energy continued to be a significant contributor to revenue at Dh2.8 billion, Mubadala is growing other sectors in line with its mandate to diversify and transform Abu Dhabi’s economy,” said Mubadala.

It said the main contributors to growth in its total revenue were SR Technics at Dh4.0 billion; concession revenue from UAE University, Zayed University and Paris-Sorbonne University Abu Dhabi at Dh2.6 billion; and the sale of land on Sowwah Island at approximately Dh800 million.

Also contributing to Mubadala’s total performance were the changes in the fair valuation of investments, mainly driven by its  shareholdings in AMD, du and Aldar.

”Despite a challenging global economic environment, Mubadala has performed well both financially and operationally, making significant progress on a number of landmark projects. In 2009, we focused on improving financial and operational discipline, transparency and governance to both support and enable our continued growth,” Khaldoon Khalifa Al Mubarak CEO and Managing Director was quoted in the statement as saying.

“We have a robust portfolio of businesses, a solid pipeline of projects, ready access to diverse sources of funding coupled with strong support from our shareholder; this puts us in a unique position to realize value and further opportunities in 2010,” he added.