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Mensajepor Dalamar » 04 Oct 2012 21:07

Abu Dhabi’s Mubadala Development Company moved into the black during the first half of 2012, recording a net profit of AED851.5m (US$231.8m), compared to a loss of AED1.183bn during the same period the year before, it was announced on Thursday.

As its revenue overall increased 18 percent year-on-year to AED16bn, driven mainly by GlobalFoundries, Mubadala Petroleum, Mubadala Aerospace assets and Yahsat, the government-owned investment vehicle also received an equity injection of nearly US$5bn from the Abu Dhabi government during the first six months of 2012.

This brings the total cash injected into the company to AED112.299bn (US$30.57bn), the results added.

“Cash contributions represent interest free loans from the Shareholder,” Mubadala said in a note in its financial results.

“As per the terms of the agreements for the amounts received in the years 2008 and onwards, any repayments are at the discretion of the Board of Directors of the Company, who do not intend to repay any such amounts in the foreseeable future.

“Therefore, these loans are more akin to equity instruments rather than liabilities, and accordingly are presented within equity,” the note added.

When asked by Arabian Business, a Mubadala spokesperson did not disclose what the company plans to do with this equity injection in the coming months.

Over the period, total assets rose ten percent to AED195bn and Mubadala’s credit ratings remained at Aa3/AA/AA by Moody’s, S&P and Fitch, respectively.

“Against a backdrop of global economic volatility, our interim financial results demonstrate ongoing delivery against our mandate. We continue to support Abu Dhabi’s economic diversification through investments in priority sectors, the development of social infrastructure, and the generation of economic returns for our Shareholder,” Mubadala CEO and managing director Khaldoon Khalifa Al Mubarak said.
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