Abu Dhabi: Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company on Thursday reported a net profit of Dh1.45 billion for 2013 compared with Dh470 million in the previous year.
The company’s net profit more than tripled as incomes from financial investments surged last year as operating income declined to Dh2 billion in 2013 compared to Dh3.7 billion in 2012 due to higher cost of sales.
“2013 was a strong year of financial returns and major project delivery for Mubadala. Growth of our diversified global financial portfolio was complemented by significant accomplishments in the Emirate,” said Mubadala Group CEO and Managing Director, Khaldoon Khalifa Al Mubarak.
Mubadala’s total comprehensive income increased to Dh5.3 billion from Dh1.6 billion in 2012 primarily driven by the significant improvement in income from financial investments and the fair value of available-for-sale financial assets.
At the end of last year, the company’s total assets increased to Dh223.8 billion as compared to Dh202 billion in 2012 primarily due to the addition of Emirates Global Aluminium to the portfolio. Company’s revenues totalled Dh31.1 billion last year compared to Dh30.8 billion in 2012.
Total equity increased to Dh157.5 billion in 2013 compared to Dh135.5 billion in 2012. Total liabilities were Dh66.3 billion as at the end of December 2013 compared to Dh66.5 billion as at the end of 2012.
Business highlights of the company in 2013 include the unification of Dubal and Emal to create Emirates Global Aluminium (EGA), the commitment of aerostructures and engine parts manufacturing work packages worth Dh22 billion over 10 years, the inauguration of Shams 1, the first concentrated solar power plant in the region.
During the year the company increased its commitments in the UAE with the launch of launch of YahClick, Yahsat’s satellite broadband service and the opening of Healthpoint, a fully integrated, primary care and multi-speciality hospital located at Zayed Sports City.
Mubadala made major investments in hospitality and retail sectors as it opened the Rosewood Abu Dhabi hotel and The Galleria luxury shopping and dining destination on Al Maryah Island in 2013.
Last year also marked investments in major international projects such as London Array, the world’s largest offshore wind farm and commencement of operations at the Ruby gasfield in Indonesia, Mubadala Petroleum’s first operated, full-field gas development project.
“We also increased our international investments and formed new partnerships that will drive growth in our global platforms and increase our presence in key markets,” said Al Mubarak.
