Mubadala Investment Reports Profit Of AED10.9 Bn During H1
Mohammad Ali (@ChaudhryMAli88) Published September 20, 2018 | 06:15 PM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 20th Sep, 2018) Mubadala Investment Company of Abu Dhabi today announced profit of AED 10.9 billion and total comprehensive income of AED 10.6 billion during H1 2018, ending on June 30th.
Group Chief Executive Officer and Managing Director, Khaldoon Khalifa Al Mubarak, said: "In the first half of the year, we continued to deploy capital in new sectors and geographies, in line with our long-term strategy. We also monetised select assets at good valuations, to deliver financial returns. And, the decision to bring the Abu Dhabi Investment Council into the Mubadala Group has increased the scale and breadth of our portfolio."
Mubadala’s Chief Financial Officer, Carlos Obeid, said: "Leverage remains well-balanced across the portfolio and cash flow is solid."
Obeid also noted that historically reported figures such as revenue and net operating income are no longer meaningful or indicative of performance for a group as diverse, dynamic and global as Mubadala. As a result, Mubadala Investment Company pro-forma results will report on bottom line metrics such as profit and total comprehensive income, in addition to balance sheet metrics, such as total assets and shareholder equity.
According to a press release by the company sent today, the Pro forma financial highlights for the half-year period ending June 30th 2018, include the following: -Profit and Total Comprehensive Income were AED 10.9 billion and AED 10.6 billion respectively, driven by strong public equities performance and operating companies in the Petroleum and Petrochemicals platform, including Compa??a Espa?ola de Petr?leos (CEPSA), which just this week announced its intention to pursue a public offering in Spain.
-Total Assets, including consolidated ADIC holdings, were AED 832 billion at the end of H1 2018.
In the first half of 2018, Mubadala’s responsible, long-term partnership approach delivered a number of operational highlights as follows: -Aerospace, Renewables & ICT -Yahsat’s third satellite, Al Yah 3, prepared to start delivering commercial services. The new satellite, launched in January, will expand Yahsat’s Ka-band coverage to 19 additional markets across Africa covering 60% of the population and marks Yahsat’s first entry into Brazil where 95% of the population will have access to its satellite broadband services.
-Masdar inaugurated the first stage of the 800MW Phase 3 Dubai Electricity and Water Authority (DEWA) project in Dubai, a high profile project of significant importance for both Masdar and DEWA, the project’s main customer.
-Strata Manufacturing PJSC (Strata) announced a new contract award with Boeing to manufacture composite empennage ribs for Boeing’s new 777X airplane.
-Mubadala announced its intent to create a $400 million venture fund to invest in leading European technology companies.
The fund will be managed by Mubadala Ventures, the venture capital arm of Mubadala. SoftBank Group will participate as a strategic investor. The fund will target founder-led, high growth technology companies with global scale and impact.
-Mubadala announced the sale of its consortium’s majority interest in EMI Music Publishing to Sony Corporation (Sony) at an enterprise value of $4.75 billion. This acquisition represents Sony’s commitment to its writers and artists as well as its commitment to the music business more broadly. The closing of the transaction is subject to certain closing conditions, including regulatory approvals.
-As a part of Cleveland Clinic Abu Dhabi’s multi-organ transplant program, physicians accomplished another historic medical milestone in the UAE by performing three transplant surgeries from a deceased donor on the same day, including the UAE’s first double-lung transplant in February.
-Petroleum & Petrochemicals -CEPSA sealed important agreements to expand its upstream business and add additional oil and gas production. In Abu Dhabi, ADNOC awarded the company a 20% stake in a 40-year concession containing the SARB and Umm Lulu fields for an initial participation fee of $1.5 billion. In Algeria, CEPSA signed a new concession agreement for the operation and redevelopment of the Rhoude el Krouf (RKF) oilfield, increased its stake in the Bir el Msana (BMS) oilfield and, with its partners Sonatrach and Total, put into production the Timimoun gas field.
-Total Petrochemicals & Refining USA Inc., Borealis and NOVA Chemicals announced they have started operations in a joint venture, Bayport Polymers LLC (Bay-Pol), to significantly expand petrochemical production in the U.S., after receiving all required regulatory approvals.
-Mubadala Petroleum has completed the acquisition from Italy’s Eni of a 10 percent participating interest in the offshore Shorouk Concession in Egypt, which contains the Zohr gas field.
-Technology, Manufacturing & Mining -Emirates Global Aluminium passed 30 million tonnes of production since commencing operations in 1979. In April, it paid the highest dividend in the history of the company, AED 2 billion to shareholders.
-In partnership with AMERRA Capital Management, Mubadala acquired majority stakes in two European fish farming companies – Nireus SA and Selonda SA – through Andromeda Group. The combined entities are among the world’s largest producers of farmed fish.
-AMD’s continuing roll out of high grade products saw the launch of the Ryzen, Epic and Radeon products, offering major improvements over previous generations. AMD was one of Nasdaq’s fastest growing stocks during H1 2018.
The Total Profit and Total Comprehensive Income are attributable to the owner of the Group; according to the press release.
Related Topics
Recent Stories
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago