Abu Dhabi: Mubadala Development Company (Mubadala), the Abu Dhabi-based strategic investment and development company on Thursday released its audited 2010 year-end financial results and operating highlights.
Financial highlights of the results are that revenue increased 22 per cent year-on-year from AED 13.1bn to AED 16bn. Net profit for the year was AED 1.1bn and total comprehensive income for the year was a negative AED 315m, resulting from mark-to-market on investments.
Total assets increased by 14 per cent to AED 101.5bn, while total equity increased by 26 per cent to AED 62.1bn in line with the approved contributions from the Government of Abu Dhabi. Total interest bearing liabilities remained flat while total debt to capitalization decreased from 37 per cent to 30per cent.
The company said it has a strong liquidity position of AED 6.3bn, and its credit ratings remain among the top corporate ratings in the region at Aa3/AA/AA by Moody's, Fitch and S&P.
"2010 was another year of delivery for Mubadala," said Khaldoon Khalifa Al Mubarak, Mubadala CEO and Managing Director.
"The strength of our operations underpinned Mubadala's financial performance. Through our successful partnerships, such as Emal and AMMROC, and our active role in strengthening Abu Dhabi's healthcare and social infrastructure, Mubadala continues to strongly contribute to the diversification of the Emirate's economy while delivering tangible social benefits. As a number of our assets reach major milestones, we continue to progress in the realization of our objectives and plan."
Aerospace
The 22 per cent increase in revenue year-on-year was largely driven by the strong performance in the Aerospace, Infrastructure and Oil & Gas businesses, which all realized significant growth in their operating income.
• Operating income grew 24per cent to AED 5.2 billion from AED 4.2 billion
• Assets increased 26per cent to AED 11.0 billion from AED 8.7 billion
Infrastructure
• Operating income grew 14per cent to AED 3.2 billion from AED 2.8 billion
• Assets increased 61per cent to AED 8.4 billion from AED 5.2 billion
Oil & Gas
• Operating income grew 25per cent to AED 7.4 billion from AED 5.9 billion
• Assets marginally increased to AED 12.7 billion from AED 12.6 billion
Operating highlights:
• Emirates Aluminium (Emal) reached its full Phase 1 production capacity of 742,500 tons.
• Paris Sorbonne University Abu Dhabi (PSUAD) Phase 2 was completed in August. PSUAD caters to approximately 2,000 students.
• Strata's Al Ain plant was completed in August after less than one year in construction and celebrated the successful delivery of its first aerostructure product for the Airbus A330/340 to FACC in Austria.
• In December, Lockheed Martin acquired an equity stake in the Advanced Military Maintenance Repair and Overhaul Center (AMMROC), joining shareholders Sikorsky Aerospace Services, which owns an equivalent share, and Abu Dhabi Aircraft Technologies, the principal shareholder and a wholly owned Mubadala company.
• Mubadala sold four land plots totaling approximately 17,000 square meters on Sowwah Island to Taiwan's leading real estate development and construction company, the Farglory Group. This investment represents the first investment by an international developer in Sowwah Island.
• Mubadala Healthcare had its first profitable year in 2010. Mubadala Healthcare opened the Tawam Molecular Imaging Centre in Al-Ain, a specialist imaging centre featuring advanced diagnostic imaging systems that are essential in the diagnosis and treatment of cancer as well as cardiovascular and neurological diseases.
Mubadala Development Company was established and owned by the Government of Abu Dhabi. The company's strategy is built on the creation of partnerships and on long-term, capital-intensive investments that deliver strong financial returns and tangible social benefits for the Emirate of Abu Dhabi and that contribute to the growth and diversification of its economy.
