ID :
171100
Sun, 03/27/2011 - 13:21
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https://oananews.org//node/171100
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Mubadala announces 2010 financial results
Abu Dhabi, March 27, 2011 (WAM) - Mubadala Development Company (Mubadala), yesterday released its audited 2010 year-end financial results and operating highlights.
Financial highlights show that revenue increased 22 percent year-on-year from Dh13.1bn to Dh16bn, as a result of a number of assets reaching operational milestones.
Net profit for the year was Dh1.1bn and total comprehensive income for the year was a negative Dh315m, resulting from mark-to-market on investments.
Total assets increased by 14 percent to Dh101.5bn and Total equity increased by 26 percent to Dh62.1bn in line with the approved contributions from the Government of Abu Dhabi. Total interest bearing liabilities remained flat while total debt to capitalisation decreased from 37 percent to 30 percent, Strong liquidity position of Dh6.3bn Credit ratings remain among the top corporate ratings in the region at Aa3/AA/AA by Moody's, Fitch and S'&'P.
Khaldoon Khalifa Al Mubarak, Mubadala CEO and Managing Director, said: "2010 was another year of delivery for Mubadala. 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 realisation of our objectives and plan."
The 22 percent increase in revenue year-on-year was largely driven by the strong performance in the Aerospace, Infrastructure and Oil '&' Gas businesses, which all realised significant growth in their operating income. In Aerospace the Operating income grew 24 percent to Dh5.2 billion from AED 4.2 billion and Assets increased 26 percent to Dh11.0 billion from Dh8.7 billion.
In Infrastructure, Operating income grew 14 percent to Dh3.2 billion from Dh2.8 billion and Assets increased 61 percent to Dh8.4 billion from Dh5.2 billion.
In Oil '&' Gas the Operating income grew 25 percent to Dh7.4 billion from Dh5.9 billion and Assets marginally increased to Dh12.7 billion from Dh12.6 billion.
According to 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, comprising 93,000 square metres of teaching and recreational facilities. 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. - Emirates News Agency, WAM
Financial highlights show that revenue increased 22 percent year-on-year from Dh13.1bn to Dh16bn, as a result of a number of assets reaching operational milestones.
Net profit for the year was Dh1.1bn and total comprehensive income for the year was a negative Dh315m, resulting from mark-to-market on investments.
Total assets increased by 14 percent to Dh101.5bn and Total equity increased by 26 percent to Dh62.1bn in line with the approved contributions from the Government of Abu Dhabi. Total interest bearing liabilities remained flat while total debt to capitalisation decreased from 37 percent to 30 percent, Strong liquidity position of Dh6.3bn Credit ratings remain among the top corporate ratings in the region at Aa3/AA/AA by Moody's, Fitch and S'&'P.
Khaldoon Khalifa Al Mubarak, Mubadala CEO and Managing Director, said: "2010 was another year of delivery for Mubadala. 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 realisation of our objectives and plan."
The 22 percent increase in revenue year-on-year was largely driven by the strong performance in the Aerospace, Infrastructure and Oil '&' Gas businesses, which all realised significant growth in their operating income. In Aerospace the Operating income grew 24 percent to Dh5.2 billion from AED 4.2 billion and Assets increased 26 percent to Dh11.0 billion from Dh8.7 billion.
In Infrastructure, Operating income grew 14 percent to Dh3.2 billion from Dh2.8 billion and Assets increased 61 percent to Dh8.4 billion from Dh5.2 billion.
In Oil '&' Gas the Operating income grew 25 percent to Dh7.4 billion from Dh5.9 billion and Assets marginally increased to Dh12.7 billion from Dh12.6 billion.
According to 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, comprising 93,000 square metres of teaching and recreational facilities. 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. - Emirates News Agency, WAM
