Mubadala announces 2010 Financial Results

Mubadala Development Company (Mubadala), the Abu Dhabi-based strategic investment and development company, today released its audited 2010 year-end financial results and operating highlights. 

Financial highlights of the results are: 

- Revenue increased 22% year-on-year from AED 13.1bn to AED 16bn, as a result of a number of assets reaching operational milestones

- 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% to AED 101.5bn

- Total equity increased by 26% 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% to 30%

- Strong liquidity position of AED 6.3bn

- 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 realization of our objectives and plan.” 

The 22% 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. 

Aerospace

- Operating income grew 24% to AED 5.2 billion from AED 4.2 billion

- Assets increased 26% to AED 11.0 billion from AED 8.7 billion

Infrastructure

- Operating income grew 14% to AED 3.2 billion from AED 2.8 billion

- Assets increased 61% to AED 8.4 billion from AED 5.2 billion 

Oil & Gas

- Operating income grew 25% 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, 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.