Abu Dhabi government-owned Mubadala Development Company has recorded a net profit of AED1.1bn ($300m) for 2010.
The company also recorded AED16bn in revenues, a 22 per cent increase compared to 2009. The rise was attributed to by strong performances in the areas of aerospace, infrastructure and oil and gas.
Total equity increased by 26 per cent to AED62.1bn in line with the approved contributions from the Abu Dhabi government.
“2010 was another year of delivery for Mubadala. The strength of our operations underpinned Mubadala’s financial performance,” says Khaldoon Khalifa al-Mubarak, chief executive and managing director of Mubadala.
Last year, Mubadala sold four plots of land on Sowwah Island to Taiwan-based real estate development firm Farglory Group. The first phase of Emirates Aluminium’s (Emal) smelter project also reached its full production capacity of 742,500 tonnes at the new port in Taweelah. Emal is a joint venture between Mubadala and Dubai Aluminium Company.
Mubadala’s aerospace arm generated AED5.2bn, infrastructure generated AED3.2bn while oil and gas generated AED7.4bn last year. Investing in the aerospace industry is a key part of Abu Dhabi government’s plan to diverse its economy by 2030.
In July 2010, Mubadala launched the Advanced Military Maintenance, Repair and Overhaul Centre (Ammroc) in Al-Ain. In December, US-based Lockheed Martin acquired an equity stake in Ammroc (MEED 16:1:11).