Abu Dhabi Fund IPIC Posts 23.4% Profit Hike For 2013
Now Reading
Abu Dhabi Fund IPIC Posts 23.4% Profit Hike For 2013

Abu Dhabi Fund IPIC Posts 23.4% Profit Hike For 2013

Its total assets grew to Dhs251.2 billion at the end of 2013, up from Dhs239.3 billion on December 31, 2012.

Gulf Business

International Petroleum Investment Co (IPIC) posted a 23.4 per cent increase in 2013 net profit on Wednesday, as the investment fund owned by the Abu Dhabi government benefited from a recovery in global equity markets.

IPIC, which focuses on investments in energy and related sectors, made Dhs7.9 billion ($2.2 billion) in 2013, according to a statement, up from Dhs6.4 billion in the previous year.

Its total assets grew to Dhs251.2 billion at the end of 2013, up from Dhs239.3 billion on December 31, 2012.

This, the fund said, was due to a recovery in global equity markets, appreciation in the euro/dollar exchange rate, and business acquisitions made over the year. It did not provide any further details, such as what it bought in 2013.

IPIC owns stakes in a number of Europe-based companies, including Spain’s Cepsa and Austria’s OMV. It also owns part of Italian lender UniCredit through its Aabar Investments unit.

Revenue in 2013 grew slightly, by 1.8 per cent year-on-year to Dhs194 billion.

The fund also reduced its debt by 10 per cent in 2013, Khadem al-Qubaisi, managing director of IPIC, was quoted as saying in the statement. No overall debt figure was given.

IPIC is part of a stable of government-owned investment funds tasked with aiding the diversification of the Abu Dhabi economy away from hydrocarbon revenues.

Mubadala, another state-owned fund, said on April 17 its 2013 net profit tripled as rising stock markets boosted the value of its financial investments.


© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top