Mubadala (MUBADALA) H2 2024 earnings summary

Executive summary

• Revenue for 2024 was AED 39,528 million, nearly flat year-over-year, while profit attributable to the owner rose to AED 37,376 million from AED 29,940 million in 2023, driven by significant transactions and improved investment returns.

• Total assets increased to AED 596,168 million and total equity attributable to the owner reached AED 369,526 million as of year-end 2024.

• Major portfolio changes included classifying Nova as held for sale, completing disposals of OMV and Yahsat, acquiring Kelix Bio, and investing in Space42, Fortress, MGX I LP, and CRC Group.

Financial highlights

• Gross profit declined to AED 7,765 million from AED 11,197 million year-over-year due to higher cost of sales.

• Net investment income increased to AED 35,518 million (2023: AED 27,554 million), and income from equity accounted investees rose to AED 4,349 million (2023: AED 2,088 million).

• Total comprehensive income attributable to the owner was AED 35,469 million, up from AED 29,881 million in 2023.

• Total liabilities increased to AED 211,742 million (2023: AED 197,281 million).

• Cash and cash equivalents at year-end were AED 29,649 million, up from AED 23,543 million.

Outlook and guidance

• The group expects continued portfolio transformation with further asset sales and new investments, including the completion of the Nova sale and strategic partnerships in 2025.

• Ongoing assessment of new IFRS standards and regulatory changes is not expected to materially impact future financial statements.