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Abu Dhabi Energy Fund IPIC H1 Net Profit Up 6.7%

Abu Dhabi Energy Fund IPIC H1 Net Profit Up 6.7%

IPIC, which owns stakes in companies such as Spain’s Cepsa and Austria’s OMV, made a net profit of Dhs3.2 billion.

Abu Dhabi’s International Petroleum Investment Co (IPIC), the state-owned fund with a main mandate to invest in energy-related assets, on Tuesday reported a 6.7 per cent rise in its first-half net profit helped by a recovery in global equity markets.

IPIC, which owns stakes in companies such as Spain’s Cepsa and Austria’s OMV, made a net profit of Dhs3.2 billion ($872 million) during first half of this year, compared with Dhs3 billion in the year-ago period, it said in a statement on its website.

Revenue fell to Dhs95.7 billion versus Dhs96.7 billion in the first half of last year. Total assets dropped to Dhs233.1 billion ($63.46 billion) for the first-half of 2013, compared with Dhs239.3 billion in December 2012 largely due to unwinding of derivative positions, IPIC said.

Through its Aabar Investments unit, IPIC also owns a stake in Italian bank Unicredit.

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