ABU DHABI: Mubadala Development Company (Mubadala), the Abu Dhabi-based investment and development company, has posted revenues of Dh34.1 billion ($9.3 billion) compared to Dh32.7 billion in 2014.
The company attributed the increase primarily to higher semiconductor, information & communications technology, healthcare and real estate & infrastructure related revenues. Operating income was Dh2 billion compared to Dh4.3 billion in 2014, driven primarily by higher cost of sales of goods and services during the period.
Profit was Dh1.2 billion compared to Dh1 billion in 2014, while total comprehensive income was a Dh1.3 billion loss compared to a Dh0.2 billion loss in 2014. Total assets were Dh246.4 billion as at the end of 2015 compared to Dh243.6 billion as at the end of 2014.
Group CEO and managing director, Khaldoon Khalifa Al Mubarak, said: “Mubadala managed through the significant macroeconomic volatility of 2015 to mark moderate increases in revenue and profit. In addition, we achieved a number of major milestones for Abu Dhabi, including the opening of Cleveland Clinic Abu Dhabi, the continued development of Al Maryah Island, and strengthening our base in key global industries such as aerospace and information technology.”
“We remain resolutely focused on prudent cash management and cost control, as well as active oversight of our assets, in order for us to navigate the anticipated challenging market conditions of 2016 and beyond,” he added.
Mubadala Group CFO, Carlos Obeid, said: “Good operational results across all our global business platforms coupled with our stable financial performance in a challenging and volatile market underlines the benefits of Mubadala’s diversified portfolio.” “We continue to closely manage our portfolio, pursue monetization opportunities for our mature assets and make targeted investments that advance our four business platforms,” he added.
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