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The report, posted on Mubadala’s Web site, showed that total comprehensive income was at Dh8.6 billion, largely driven by revenues from the sale of goods and services at Dh13.1 billion, and improvements in the fair valuation of investments at Dh6.4 billion.
This is in contrast to the company’s net loss of Dh11.76 billion in 2008, the first year when it reported financial statements. It has since changed its accounting system.
According to the report, Mubadala’s liquidity position was reported at a strong Dh11.8 billion, with total equity increasing 56 per cent to Dh48.9 billion.
The investment firm, which has five per cent stake in carmaker Ferrari and is the 13th largest shareholder in US giant General Electric, said a big chunk of revenues came from investments in the oil and gas, aerospace, infrastructure and real estate, and hospitality sectors.
The recovery in stock markets and start of several new projects, such as the aluminium smelter in Abu Dhabi, will ensure revenues will increase this year, chief financial officer Carlos Obeid said.
Dolphin Energy alone contributed Dh2.8 billion of operating revenue, while Pearl Energy added Dh1.5 billion.
Increasing its holding in SR Technics, the Zurich-based aviation company, to 70 per cent from 40 per cent, contributed Dh4 billion to Mubadala’s revenue.
Sowwah Island, which is being developed by Mubadala Real Estate and Hospitality, contributed Dh800 million from the sales of plots. The island development, which will be the core of Abu Dhabi’s new central business district, will be a continuing source of income for future.
It also reported gains of Dh4.2 billion in the form shares from chipmaker AMD.
Mubadala’s education-related Public Private Partnership projects brought Dh2.6 billion of revenue in 2009.
Mubadala chief executive officer and managing director Khaldoon Khalifa Al Mubarak said that despite a challenging global economic environment, Mubadala has performed well both financially and operationally, making significant progress on a number of landmark projects.
Investments in the country’s interests in telecommunication firm du, and Abu Dhabi’s largest property developer Aldar also recorded significant gains.
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