Masdar owners report H1 revenue of over $4bn
Mubadala boosted by semiconductor business and Thai oil production
Masdar owners Mubadala Development Company (Mubadala) have reported H1 results that show an 18% year-on-year growth in revenues, up this year at US $4.35 billion. The firm’s operating income was up from $109 million last year, to $600 million in H1 2012.
Reporting on the firm’s renewable energy arm, Masdar, Mubadala said that the Valle 1 & 2 CSP plant – part of the firm’s Torresol investment in Spain – had reached full commercial operation. Each plant is now producing enough electricity for 40,000 households. The UAE’s own Shams 1 solar project was also reported to be on schedule, with development of the scheme now finalised.
District cooling firm Tabreed has also increased its presence – with installed capacity across the GCC now standing at 767,125 RT, making it one of the biggest district cooling companies on the planet.
Other highlights for the investment and development firm included the escalation of its semiconductors business, which has rapidly become the world’s second largest dedicated semiconductor foundry – now supplying to over 160 customers.
Mubadala Petroleum’s business in South East Asia has also continued to thrive, with higher than expected oil production from the Jasmine Field in Thailand. The firm’s Emirates LNG Terminal in the UAE was also said to still be on schedule.
“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,” said Khaldoon Khalifa Al Mubarak, Mubadala CEO and MD.