Mubadala (MUBADALA) H1 2024 earnings summary

Executive summary

• Net profit for the six months ended 30 June 2024 reached AED 16,404 million, up from AED 15,669 million year-over-year.

• Total comprehensive income for the period was AED 15,368 million, compared to AED 15,771 million in the prior year.

• Major transactions included the sale of OMV, the Yahsat-Bayanat merger, and new investments in Fortress and Kelix Bio.

Financial highlights

• Revenue for the period was AED 25,326 million, a slight increase from AED 25,153 million year-over-year.

• Gross profit rose to AED 6,421 million from AED 6,347 million year-over-year.

• Investment income (net) increased to AED 9,180 million from AED 8,344 million year-over-year.

• Profit from discontinued operations was AED 4,488 million, mainly from OMV and Yahsat.

• Cash and cash equivalents at period end were AED 25,173 million, up from AED 23,543 million at year-end 2023.

Outlook and guidance

• The Group expects continued diversification and growth, with new investments in AI and advanced technology through MGX and the acquisition of Kelix Bio.

• Yahsat-Bayanat merger completed in October 2024, with the Group holding a 28.97% stake in Space42.